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Corzine is also a former New Jersey governor, a former New Jersey U. senator and was a major campaign contribution bundler for President Obama.

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If you fall off a cliff and lay at the bottom of a mountain and sustain two broken legs and a shattered spleen, and then are found by a search and rescue team who pull you up to their helicopter by ropes that dangle precariously around your waist, there is still no need to Man Hug your rescuers, a thank you will suffice.He also knows the Fed's William Dudley, a key member of the Fed's Open Market Committee, from their days at Goldman Sachs.The Fed approved MF Global's status as a primary dealer, a participant in the Fed's Open Market Operations, less than one year after Jon Corzine took its helm.The problem wasn't that the debt defaulted, rather that he didn't have the money to throw in the pot when it was his turn to ante up. Probable Shortfalls of Customer Money Throughout 2011 MF Global reportedly employed 30:1 leverage -- some reports are higher -- against a portfolio of European sovereign risks including Belgium, Italy, Spain, Portugal, and Ireland.According to Bloomberg News, Corzine's position on these sovereign trades was a gross position of around .5 billion, and the risk was only partially offset by short positions in stronger European credits.