Jon Corzine Resigns From MF Global, Will Not Collect Severance

Tyler Durden's picture

Jon Corzine is gone, and as we expected, will not collect a single penny from his $12+ million severance. Statement from the MF board: "The Board of Directors of MF Global Holdings Ltd. announced the resignation of Jon S. Corzine from all posts at MF Global. Mr. Corzine has confirmed that he will not seek severance payments in connection with his resignation. Edward L. Goldberg, the lead director of the Board of Directors, and Bradley I. Abelow, the Company¹s President and Chief Operating Officer, will continue in their current positions." And here is Jon's personal announcement: "I have voluntarily offered my resignation to the Board of Directors of MF Global.  This was a difficult decision, but one that I believe is best for the firm and its stakeholders. I feel great sadness for what has transpired at MF Global and the impact it has had on the firm's clients, employees and many others. I intend to continue to assist the Company and its Board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm's assets." Now, as to how he will avoid questioning by the federal authorities, that is a different matter entirely...