MF Global Fires All 1,066 Brokerage Employees
Friday, November 11, 2011
The spectacular collapse of the brokerage unit at MF Global has now cost all 1,066 employees their jobs.
There's word from the trustee overseeing the liquidation of the unit once headed by former New Jersey Gov. Jon Corzine (D) that the employees were fired today, according to The Wall Street Journal's High Wire blog, The Associated Press, Bloomberg News and other outlets.
As many as 200 of the employees may be rehired "to assist in the wind down of the business and processing of bankruptcy claims," High Wire adds.
The firm filed for bankruptcy protection on Oct. 31. It had made "big investments in European sovereign debt," as NPR's Zoe Chace reported, and lost big in the eurozone financial crisis. An investigation into the loss of hundreds of millions of dollars that investors had entrusted with the company is underway. Corzine resigned last week.
Source: NPR
Comments [3]
Maybe Ralph Nader is right. These Democrats are just as incorrigible as their Republican cohorts. The real question isn't a monetary one but a judicial. How is Corzine not in jail?
Was every management official fired too?
An undistinguished Senator, a poor --sometimes bizarre-- governor, an ineffective politician. And now, it seems, a bad gambler. How was he ever so succcessful on Wall Street? Or is any schlemiel smart enough to head Goldman Sachs?
Masters of the Universe, indeed!
--Paul J. Bosco
Manhattan
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