Business News Networks Cover Corzine Saga In Different Ways

By Christopher Peleo-Lazar  //  December 8, 2011 | 2:53 p.m.

Updated at 3:42 p.m.

Embattled former New Jersey Democratic Gov. Jon Corzine, whose stewardship of the now failed brokerage firm MF Global has prompted swift, widespread criticism is in Washington today, testifying before the House Agriculture Committee. His arrival has prompted extra coverage from the cable business news networks, which have been keeping tabs on the larger Corzine saga, but in noticeably different ways.

Bloomberg's coverage has focused on the intersection of the financial and political implications of the story and the dramatic reversal of Corzine's career.

Corzine "was trying to reclaim his legacy on Wall Street," Bloomberg TV's Margaret Brennan told Hotline On Call. "To see his fall from grace some would say is riveting the banking community. ... This is the first US institution to be a casualty of the Eurozone crisis."

Bloomberg TV is holding special broadcasts for the Corzine hearings. Brennan's show InBusiness, airing from Washington, D.C., had guests like Sen. Richard Shelby, R-Ala., and Rep. Peter Welch, D-Conn., and highlighted a significant divide in how to approach the scandal. Bloomberg TV will also have a profile airing later anchored by Lisa Murphy called Jon Corzine: Boom and Bust tonight as well.

Along with Bloomberg, FBN and CNBC are carrying coverage of the proceedings all day.

FBN's Charlie Gasparino has been covering the Corzine developments for several weeks after breaking the story of MF Global financial irregularities. He has focused on the legal, political and financial angles in the overall story.

"He wasn't just a random campaign contributor; Jon Corzine was on the short list to be treasury secretary." Gasparino said in an interview. "Vice President Joe Biden referred to him as among the smartest people he knows in business and Corzine had actually advised the president on his 2009 economic stimulus package." "Stuff like this though hurts at the margins," when questions arise about Obama and the Democrats' handling of the economy if it declines any further, he added. CNBC's Eamon Javers and Kayla Tauche are on Capitol Hill for the hearings. CNBC has offered live coverage throughout the day and on their website has provided news as well as analysis. CNN, MSNBC, and to a lesser extent, Fox News Channel have not provided nearly as much coverage of Corzine.

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