MF Global Masked Debt Risks : Firm Cut Borrowing Before Reports; Corzine Lobbied Against Trading Curbs

The Wall Street Journal reports:

For the past two years, MF Global Holdings Ltd. may have disguised its debt levels to investors by temporarily slashing the debt it was carrying before publicly reporting its finances each quarter, according to an analysis by The Wall Street Journal.

The activity, referred to in the financial industry as "window dressing," suggests that the troubled financial firm was shouldering more risk and using more borrowed funds to facilitate its trading than investors could easily detect from the firm's regulatory filings.

What did Democrat donor John Corzine know and when did he know it?