"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.