You remember Jon Corzine, the guy whose governance of New Jersey was so pathetic and corrupt that the blue state elected a conservative, anti-union Republican to replace him. After his loss to Chris Christie he decided to return to the private sector, where he (evidently) quickly got to work ruining companies.

The securities firm he led, MF Global Holdings Ltd., has just filed for Chapter 11 bankruptcy. Why? Under Corzine’s leadership the company took bigger, unwise risks by making bad bets on European debt. You may have heard something about European debt in the news recently. Like the fact those who hold much of it are pretty much screwed.

Guess which firm held a crapload of European debt?

MF Global’s meltdown in less than a week made it the biggest U.S. casualty of Europe’s debt crisis, and the seventh-largest bankruptcy by assets in U.S. history.

The company’s shares plunged last week as its credit ratings were cut to junk. The Chapter 11 bankruptcy filing came after talks to sell a variety of assets to Interactive Brokers Group Inc broke down earlier on Monday, a person familiar with the matter said.

There were also signs that some of its customer accounts that are supposed to be segregated and protected from the rest of the business had suffered what regulators described as “possible deficiencies.”

“Early this morning, MF Global informed the regulators that the transaction had not been agreed to and reported possible deficiencies in customer futures segregated accounts held at the firm,” the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission said in a joint statement.

The Federal Reserve of New York had already suspended MF Global from doing business as a primary dealer, and now trading of the company’s shares has been suspended. Corzine had reportedly tried to sell the company to Interactive Brokers Group but, as has become the norm for him, failed.

But wait, there’s more! It turns out that, according to Reuters, investor assets have gone missing from the firm — something regulators are now investigating.

The New York Times reported later on Monday that federal regulators had discovered that hundreds of millions of dollars in customer money had gone missing from MF Global.

Less than $700 million was missing by late Monday, down from nearly $1 billion earlier, the paper reported on its website.

Oh, well, so long as there’s only about $700 million still missing. I’m sure the fine folks who invested in MF Global will now be breathing a sigh of relief that 30% of the missing money has been recovered. Or not.

I’m going to make you play this game one more time. Guess who’s a big fundraiser for Barack Obama? Damn you’re good at this game.

Corzine is also a top fundraiser for President Barack Obama. Corzine has helped raised at least $500,000 for Obama’s re-election campaign since April, according to records released by the campaign.

Big surprise.

Hey, Occupy Wall Street? What say you?