Major Obama campaign donor and one of the Obama administration’s top financial advisers Jon Corzine, who headed MF Global when it collapsed, is putting the whole thing behind him.

Mr. Corzine, a former chief of Goldman Sachs, has started to regain his footing. He spent the summer on Long Island, traveled to France around the holidays and visited Central America for a humanitarian project involving children, setting up what he hopes will become a broader charitable effort. Mr. Corzine, 66, also spends time with his grandchildren and has office space in Midtown Manhattan, where he writes and trades with his own money.

In the most telling indication that Mr. Corzine is taking steps to put MF Global behind him, he was close to cooperating with Richard Ben Cramer, an author and a Pulitzer Prize-winning reporter, on a biography. Mr. Corzine’s lawyers were in the final stages of negotiating with Mr. Cramer this month when the author died from complications of lung cancer.

Despite Mr. Corzine’s progress, he still must shake a nagging federal investigation. While investigators have long doubted their ability to file criminal charges against him, suspecting that chaos and lax controls were at play, rather than outright fraud, they continue stitching together evidence on the firm’s demise.

The report by the Subcommittee on Oversight and Investigations accuses Corzine of exposing the company to excessive risk and creating an atmosphere in which “no one could challenge his decisions.” These moves led to the firm’s bankruptcy earlier this year.

The report also reveals Corzine’s cozy relationship with the New York Federal Reserve Bank, which may have garnered MF Global unwarranted benefits.

“Choices made by Jon Corzine during his tenure as chairman and CEO sealed MF Global’s fate,” subcommittee chair Randy Neugebauer (R., Texas) said in a statement.

The firm hired Corzine as CEO and board chairman in March 2010 after several years of troubled finances in the hopes that his experience could help turn around the struggling firm.

Corzine introduced a “strategic plan to transform MF Global into a full-service global investment bank within three to five years” that would be similar to Goldman Sachs, according to the report. Corzine was a senior executive at Goldman.

Corzine consolidated control of MF Global after his appointment as CEO. He brought on Bradley Abelow, his former Chief of Staff while governor, to be MF Global’s chief operating officer. Other senior-level staff changes strengthened his grip on the firm.

Corzine also acted as the “de facto chief trader for the company” insulating “his trading activities from the company’s normal risk management review process.”

Corzine requested a meeting with the New York Federal Reserve Bank after taking control. The meeting occurred on June 1, 2010.

“Following that visit, the New York Fed acted quickly on MF Global’s application” for designation as a “primary dealer” despite the Fed’s delays on the application before Corzine’s visit, the report says.

It is unclear whether Corzine’s visit smoothed over any misgivings the New York Fed previously may have had. A Federal Reserve spokesman did not return a request for comment.

But the report indicates Fed employees were happy to see MF Global hire Corzine.

The report also chides the Fed for granting MF Global the “primary dealer” designation. The firm’s risks and the Fed’s own doubts “should have given the New York Fed pause before conferring primary dealer status on MF [Global].”

Corzine served as a Senator for New Jersey between 2001 and 2006, when he won election to be governor of New Jersey. He lost his reelection bid to Republican Chris Christie in 2009.

Corzine was a significant donor to Democratic candidates in the 2008, 2010, and 2012 cycles. He donated to Hillary Clinton’s presidential campaign, Barack Obama’s presidential campaign, and the Democratic National Committee as well as to multiple state candidates and outside organizations such as Emily’s List. He donated $232,200 to various Democratic and liberal candidates and causes in the 2008 cycle alone.

Corzine also bundled donations for President Obama’s reelection campaign. He pledged to raise at least $500,000, according to the Center for Responsive Politics, one of only 236 individuals to pledge at that level.

Corzine’s actions at MF Financial could lead to significant losses for MF Global’s clients.

Corzine could face prison time for his malfeasance at the helm of the financial firm if charges are pressed.

Jon Corzine, MF Global’s CEO and New Jersey’s former Democratic governor, has been fingered by MF Global’s North American chief financial officer, Christine Serwinski, for complacency in the company’s loss of customer funds totaling $1.6 billion. She told investigators that Corzine “was well aware of the use and possible misuse of the customer funds during the firm’s final days,” Fox reported.

Congress has been investigating the scandal for over a year, and Corzine told Congressional investigative panels that he never instructed the company “to misuse customer money.”

Congressional Republicans have expressed concern over the lack of charges brought against Corzine by the Department of Justice, pointing to his White House connections.

By law, customer funds must be kept separate from other company operation funds, and any company use of these separated funds is subject to strict regulation.

Under Corzine’s direction, MF Global “made an outsized bet on the debt of troubled European countries,” forcing the company to dip into customer funds after disclosing the bet. This move triggered a financial catastrophe that quickly led the company to the brink of bankruptcy, Fox reported.

The company couldn’t account for about $1 billion in customer funds to finalize its sale to Interactive Brokers, “forcing its bankruptcy filing on October 31 of last year, and subsequent liquidation.”

Corzine could be facing jail time for his role in the loss of the money.

Here are five Obama donors who stand to reap generous rewards if the president gets four more years.

1. Anna Wintour

Anna Wintour / AP

Anna Wintour, editor of Vogue and real-life inspiration for The Devil Wears Prada, is one of Obama’s largest and most prominent bundlers, having pledged to raise more than $500,000 for his reelection campaign. In addition to maxing out to Obama and the DNC, Wintour has cohosted numerous fundraisers for Obama and made a video for a contest to win a dinner with Wintour, the Obamas, and Sarah Jessica Parker.

During a second term for Obama, Wintour could be headed across the pond: the Guardian has speculated that Wintour could be named ambassador to the United Kingdom, replacing current UK ambassador and former Obama super-fundraiser Louis Susman.

Recently, Wintour has come under fire for Vogue’s efforts to glamorize Asma al-Assad, the wife of Syrian dictator Bashar al-Assad.

2. Terry McAuliffe

Terry McAuliffe / AP

Terry “The Macker” McAuliffe has been a Democrat rainmaker for years. During the 2008 cycle, McAuliffe served as campaign chairman for Hillary Clinton. Four years and one failed gubernatorial bid later, McAuliffe has emerged as one of Obama’s most important fundraisers. As a bundler for Obama, McAuliffe has committed to raising more than $500,000 for the president’s reelection effort.

His latest venture is GreenTech, an electric car company that recently opened a plant in Horn Lake, Mississippi. McAuliffe purchased the company from China. In February 2012, GreenTech automotive executives attended a U.S. State Department luncheon honoring Chinese Vice President Xi Jinping, at which Vice President Joe Biden personally introduced McAuliffe to Xi.

During a second term for Obama, McAuliffe’s GreenTech stands to benefit from Obama’s pledge to “invest in a clean energy future.” The Obama administration has also released new fuel-economy standards, which will require cars to achieve 54.5 miles per gallon by 2025.

3. Tim Gill and Scott Miller

Tim Gill / gillfoundation.com

Colorado gay rights activist Tim Gill and his husband Scott Miller have committed to bundling more than $500,000 for the Obama reelection effort. Gill was one of the initial supporters of the liberal, secretive network of donors known as Democracy Alliance. During the 2012 cycle, Gill is busy targeting lawmakers who helped kill a civil union bill in Colorado.

In May, Obama was forced to flip flop on gay marriage after a Biden appearance on Meet The Press went horribly wrong. During a second term for Obama, Gill and Miller would likely be pleased by Obama’s continued willingness to ignore the Defense of Marriage Act, which was passed by Congress and signed into law by Bill Clinton.

4. Jon Corzine

Jon Corzine / Wikimedia Commons

After Chris Christie defeated Jon Corzine in 2009, the former Goldman Sachs CEO took over MF Global. In November 2011, Corzine resigned from MF Global less than a week after it filed for bankruptcy and left hundreds of millions of dollars unaccounted for. Corzine, Obama’s “Wall Street Guy,” is a major bundler for Obama, committed to raising at least $500,000 for the campaign.

A second term for Obama could be critical for the disgraced former CEO. At this time, it appears that there will not be a criminal investigation into Corzine and the MF Global scandal. Would Corzine still be in the clear if Obama loses?

Not a joke: Corzine is considering starting a hedge fund.

5. Robert Wolf

Robert Wolf / AP

Perhaps Obama’s closest friend among his campaign bundlers is Robert Wolf. Obama’s friendship with Wolf dates back to 2006, when they met in George Soros’ conference room. The two have played golf together numerous times since Obama took office. Wolf is committed to bundling more than $500,000 for the Obama campaign.

How would Wolf benefit from Obama’s second term? He needs a job. Wolf left UBS, the Swiss bank where he had served as president and chairman of UBS Americas, in July. Wolf’s relationship with Obama and his propensity to flaunt it ruffled some feathers inside UBS. The bank even took measures to rein in Wolf by trying to limit his availability to the media.

If Anna Wintour is qualified to serve as ambassador, surely Wolf is qualified to do something in a second Obama administration, as well.

The lack of action has led critics to speculate that Obama’s Justice Department, led by embattled Attorney General Eric Holder, is protecting a close friend and ally. A Washington Times examination found that the ties go beyond the cabinet appointment Obama considered for the financial guru.

Some contend that the fact that Mr. Holder, Mr. Corzine and Associate Attorney General Tony West all previously served as fundraising “bundlers” for President Obama’s presidential campaign is enough to warrant Mr. Holder’s recusal and the appointment of a special prosecutor. Indeed, a letter signed by 65 members of Congress cites Mr. Corzine’s $500,000 in fundraising for Mr. Obama as one of the reasons a special counsel is needed. …

The Government Accountability Institute has discovered that prior to going bankrupt, MF Global was a client of Mr. Holder’s former law firm, Covington & Burling. It is unclear how long Covington & Burling represented MF Global. However, records reveal that MF Global owed Covington & Burling $114,275.55 “for services rendered prior to Oct. 31, 2011,” the date MF Global filed for bankruptcy protection. …

The tangle of relationships between Mr. Holder, Mr. Freeh, Mr. West, Mr. Corzine, MF Global, Covington & Burling, and Morrison & Foerster create, at minimum, the appearance of potential conflicts of interest.

Congressional Republicans are calling for a special prosecutor to investigate the matter before the November election.

Other groups participating include Campaign for America’s Future, Rebuild the Dream, People for the American Way, Public Campaign, The Other 98%, Health Care for America Now, Alliance for Justice, Public Citizen, and the SEIU. 

According to the event flyer, which includes a picture of Karl Rove in an orange prison jumpsuit, the groups will hold a “march to indict” American Crossroads “for the crimes of trying to buy our elections and keep people from exercising their right to vote.”

However, Common Cause has taken money from liberals willing to buy their way into elected office—and, despite claims of nonpartisanship, it also has a history of supporting progressive causes and affiliating with Democratic party organs.

Common Cause President and CEO Bob Edgar is a former Democratic congressman. Despite its stance on big money in politics, Common Cause’s 2011 donor list includes such figures as Jon Corzine, who is alleged to have misappropriated more than $1 billion as head of investment firm MF Global.

As previously reported by the Free Beacon, Corzine, a former Democratic Senator and Governor of New Jersey, donated $1,000 to Common Cause New York, earning him a “generous donor” status on Common Cause’s annual report.

Corzine spent more than $130 million personally financing his campaigns for office in New Jersey. Meanwhile, Common Cause complains, “big money has long dominated our elections.”

A 2005 Common Cause donor was Fred Baron, a John Edwards fundraiser who provided hundreds of thousands of dollars in secret payments to Edwards’ mistress Rielle Hunter and former campaign aide Andrew Young.

Common Cause applauded Edwards in 2007 “for the substance of his democracy reform proposals and for his candor in making those policy positions explicit and clear.”

In 2011, Common Cause supported Edwards’s indictment, writing that he “appears to have raised nearly $1 million from a pair of political supporters to finance an elaborate cover-up of his affair.” It did not note that Baron was one of those supporters.

Common Cause has also partnered in recent months with a host of progressive groups to attack the American Legislative Exchange Council (ALEC), a free-market organization that works with private companies and state lawmakers to craft model legislation.

ALEC has been the target of an intense campaign by progressives for its ties to voter identification and self-defense laws. As previously reported by the Free Beacon, Common Cause was one of several organizations that met on May 10 at the AFL-CIO headquarters in Washington, D.C., to coordinate their campaign against ALEC.

Common Cause has been leading the legal battle against ALEC. The group has filed a whistleblower complaint with the IRS against ALEC, and it is asking attorneys general in all 50 states to investigate ALEC’s alleged lobbying activity.

The law firm working with Common Cause in its IRS complaint, Phillips & Cohen, has a long history of donating generously to Democrats. Firm partner John Phillips was a bundler for Obama.

At the May 10 summit, Common Cause Deputy Programs Director Doug Clopp called the war on ALEC “a very powerful organizing tool” for his group.

“Without question, Common Cause is a partisan front group masquerading as an ethics watchdog,” ALEC legal counsel Alan P. Dye said in an April statement.

Common Cause has been using ALEC to fundraise. “We’re working hard to shine a spotlight on [ALEC’s] nefarious tactics, and to put a stop to their end runs around federal tax and state ethics laws,” the group boasts on its website. “Can you help us by making a gift of $20, $50, $100 or more to support our work today?”

One staffer for Common Cause also appears to have engaged in casual racial stereotyping.

Common Cause deputy director Clopp said in a recent interview with Ad Age that ALEC’s ties to stand-your-ground, anti-immigrant, and voter identification bills caused concern among corporations that market their products to minorities.

“Kraft knows who buys lots of mac and cheese,” Clopp said, referring to Kraft’s recent decision to cancel its membership with ALEC. However, Clopp did not identify the mac and cheese buyer.

Common Cause did not respond to a request for comment.

On Monday, just hours after trustee James W. Giddens released his report on money owed to customers, Freeh’s account emphasized money owed to investors. The New York Times reports:

What the reports from Mr. Freeh and Mr. Giddens have in common is the portrait they paint of MF Global and its leadership. The firm that emerges from their pages is one that was constantly flying by the seat of its pants, prone to risky decisions with few controls to keep it in check. While the chaos in the last days of the firm is well known, what the reports show is that aggressive behavior was taking place well before the market took its toll. ….

Given the market turmoil, the Financial Industry Regulatory Authority, or Finra, demanded that MF Global set aside extra money in case the trades soured. … While MF Global did move some cash around to protect against losses, the firm also transferred roughly $3 billion in holdings of Italian bonds from its brokerage arm to “FinCo,” an unregulated entity of the firm, according to Mr. Freeh’s report. By doing so, MF Global met its requirements without having to raise money.

The Italian bonds constituted half of MF Global’s risky European investments, which led investors to abandon the firm. Freeh’s report explains that this European entanglement amounted to “$6 billion in the debt of Belgium, Ireland, Italy, Spain and Portugal, representing about 14 percent of its assets and nearly five times the equity of the firm.”

Former CEO Corzine, who “lobbied the S.E.C. to back down,” received $8.4 million in cash and stock options while the company fell apart in October. Formerly the Democratic governor of New Jersey, he has already raised more than $500,000 for Barack Obama in the 2012 race. Given Corzine’s relationship with the president, Rep. Michael Grimm (R., N.Y.) called for an independent counsel to investigate the former CEO’s behavior during the firm’s collapse.

In a blistering 275-page report, James Giddens, the trustee liquidating the company’s broker-dealer unit, said he might bring civil claims against former Chief Executive Corzine and other top MF Global executives for negligence and breach of duties to customers. …

He said liquidity at the company had long been a concern but became an even greater issue when Corzine came on board in March 2010. Corzine’s vision of MF Global as a global investment bank required the company to maintain higher liquidity levels, Giddens wrote. But Corzine and his team vastly underestimated just how big an increase it would need, Giddens said. …

To make up for the drain on liquidity, MF Global used customer money that was supposed to be segregated from the company’s own funds.

Corzine is the former Democratic governor of New Jersey and has raised more than $500,000 for Barack Obama.

Edith O’Brien, MF Global’s former assistant treasurer, told Congress that Corzine personally ordered the transfer of $200 million from customer accounts. Giddens’s report “described how by close of business on Monday, October 24, O’Brien approved $250 million of intraday transfers from customer accounts, even though the excess cushion in the customer account was less than $55 million.” Comingling such accounts is illegal.

Last month, Rep. Michael Grimm (R., N.Y.) led a group of congressmen in calling for an independent counsel to investigate Corzine. Since the former MF Global CEO “has bundled more than $500,000 for the president’s reelection campaign and lobbied administration officials on financial regulation,” the Obama administration cannot be trusted to investigate him fairly.

Corzine resigned days after MF Global’s collapse—but not before raking in $8.4 million in cash and stock options while the company was crumbling.

The 2,400-square-foot apartment sold for $2.8 million, 14 percent less than the $3.26 million the former New Jersey governor paid for the property in November 2008, Bloomberg News reports. The penthouse also sold for less than its $2.9 million asking price when it was first put on the market at the beginning of the year.

The buyer, who paid in cash, is listed simply as POJ Holdings LLC, according to a broker with Prudential Castle Point Realty in Hoboken who wasn’t involved in the deal, which was completed May 7.

The apartment is located in Toll Brothers’ Maxwell Place complex and features floor-to-ceiling windows with views of the Hudson River and the Manhattan skyline as well as Viking kitchen appliances and a Jacuzzi in the master bathroom.

Frontline reports:

At MF Global, his strategy was simple: “We are transforming from sort of an old-like brokerage firm into an investment bank,” Corzine told CNBC’s Maria Bartiromo. Key to his plan was a massive bet on European government bonds – a bet that would swell to more than $6 billion, and ultimately lead to MF Global’s collapse.

Corzine’s bet could not have occurred without a finance strategy known as “internal repo.” In essence, MF Global was borrowing money from customer accounts and using it to fund trading in another part of the firm. During the summer of 2011, however, just months before MF Global filed for bankruptcy, internal repo was a strategy regulators were hoping to do away with.

Six Billion Dollar Bet airs tonight on most PBS stations. Local listings can be found here. The film will be available online after 10 pm EST.