Corzine has been an avid supporter of the president, and showed up on a list of donors who bundled more than $500,000 for Obama during the third quarter of 2011.
"If any individuals at MF Global are charged with wrongdoing, those individual contributions will be returned," a Democratic official told The Hill.
Corzine, who represented New Jersey in the Senate before becoming governor, is also a former CEO of Goldman Sachs and has extensive ties to the financial community.
Rep. Michele Bachmann (R-Minn.) also jumped on Corzine, calling the downfall MF Global suffered as a result of investing in sovereign debt a symptom of Corzine believing that governments can spend unlimited amounts of money.
"How many other money managers are there with Corzine’s beliefs on the omniscience of government who are also overly exposed to Europe?" she told students at Iowa State University in Ames. "President Obama thinks we need more government control of free markets."
- This post was updated at 3:55 p.m.