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MF Global Liquidation - Everyone Gone!

Tyler Durden's picture




 

Headlines via Bloomberg for now:

*MF GLOBAL'S 1,066 EMPLOYEES HAVE BEEN FIRED, TRUSTEE SAYS

 

*MF GLOBAL EMPLOYEES LOSE JOBS AS BROKER LIQUIDATES    :MFGLQ US

 

*MF GLOBAL TRUSTEE TO HIRE UP TO 200 PEOPLE TO AID LIQUIDATION

 

Full Statement from the Trustee:

In accordance with the court-mandated liquidation and wind down of MF Global Inc., the broker-dealer's work force, consisting of 1,066 employees, was notified today that their employment is terminated, effective immediately, although salaries will be paid through November 15, 2011.  Between 150 and 200 former employees are being hired to assist in the wind down of the business and processing of bankruptcy claims.

Following the failure of MF Global Inc., James W. Giddens, the court-appointed Trustee for the liquidation of MF Global Inc., became responsible for the winding down of the business, including the termination of employees, as mandated by the Securities Investor Protection Act (SIPA).

The Trustee is exploring ways to immediately vacate MF Global Inc. offices in New York City, and that office will be closed as soon as possible.  Smaller and less expensive office space will be rented for the minimal Trustee staff in New York to assist with the liquidation of the broker-dealer.  MF Global Inc.'s office space in Chicago will continue to be leased for an undetermined but limited amount of time, as the business there is also wound down.

The termination of employees and closure of operations is a necessary part of the court-ordered liquidation of MF Global Inc. and is consistent with the Trustee's obligations under SIPA to preserve assets and identify and marshal other property to maximize the estate in a manner that is fair to all customers and other creditors.

The broker-dealer is not conducting business and will not be reorganized, in accordance with the court-ordered liquidation of MF Global Inc.

The Trustee has made significant progress in ending the business operations of MF Global Inc. Approximately 17,000 customer account positions and approximately $1.5 billion in customer account funds have been transferred to other future commodities merchants.

The Trustee's staff has secured MF Global Inc.'s offices in New York and Chicago.  The Trustee has also retained Ernst & Young forensic accountants, while Deloitte has been retained to assist in account transfers, claims processing and administration of the liquidation process.

 

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Fri, 11/11/2011 - 12:44 | 1870045 GeneMarchbanks
GeneMarchbanks's picture

Shocking!

So will they hit the UE line or a minimum security prison?

Fri, 11/11/2011 - 12:45 | 1870065 Schmuck Raker
Schmuck Raker's picture

[sniff]

Poor lil' thieves...

Fri, 11/11/2011 - 13:02 | 1870150 GeneMarchbanks
GeneMarchbanks's picture

Going Deeper:

'The Trustee has also retained Ernst & Young forensic accountants, while Deloitte has been retained to assist in account transfers, claims processing and administration of the liquidation process.'

Ernst & Young? So many twists & turns it's like an M. Night Shyamalan flick...

Fri, 11/11/2011 - 13:03 | 1870156 TruthInSunshine
TruthInSunshine's picture

Corzine's defense attorney just held a press conference:

Boom Goes the Dynamite

 

Fri, 11/11/2011 - 13:05 | 1870164 Comay Mierda
Comay Mierda's picture

I hope corzine gets raped in prison sandusky-style

Fri, 11/11/2011 - 13:10 | 1870186 AbandonShip
AbandonShip's picture

too soon.  Still feel bad for those kids.

Fri, 11/11/2011 - 13:35 | 1870294 redpill
redpill's picture

Wait, what about all the MF apologists they paraded out on CNBC that said this was just a reorganization?

Fri, 11/11/2011 - 13:57 | 1870349 dracos_ghost
dracos_ghost's picture

Wait, what about all the MF apologists they paraded out on CNBC that said this was just a reorganization?

 

Death can be considered just a reorganization too.

Fri, 11/11/2011 - 14:04 | 1870369 flacon
flacon's picture

From the "Careers" page at MFG:

 

At MF Global, we provide both the learning and career opportunities necessary to fulfill your professional goals.

Our global management team fosters an environment where employees are encouraged to participate and offer their perspectives.We invest in our employees and take pride in their achievements, because at MF Global, we believe it is the caliber of our employees that differentiates us.

 

Benefits of working at MF Global

For more information on job openings available at MF Global, please click here to browse through current openings.

Even if you do not apply for a position currently listed, we still encourage you to create a profile on OneWire in order to be considered for future opportunities. To create your profile, click on the MF Global Careers graphic on this page.

Fri, 11/11/2011 - 14:33 | 1870468 redpill
redpill's picture

Well that employee stock purchase plan sure worked out, didn't it!

Fri, 11/11/2011 - 17:17 | 1870942 jonjon831983
jonjon831983's picture

That 's so sad man...

Not everybody is involved in the shenanigans, like the secretary or backoffice people who get the shit end of the stick hauling ass for everybody else who gets paid multiples more...

They may have tried to save a little of every paycheque on the ESOP hoping to get a little back when they retire... only to be left with nothing.

Fri, 11/11/2011 - 17:14 | 1870930 jonjon831983
jonjon831983's picture

Sooooooo should I apply?

Fri, 11/11/2011 - 23:04 | 1871530 AldousHuxley
AldousHuxley's picture

Company Rating   Based on 18 ratings 

3.2

Employees say it's "OK"

CEO Rating   Based on 4 ratings 

Jon S. Corzine

Chairman and CEO

75% Approve

MF Global Anonymous:   (Current Employee)

MF Global work environment is very demanding and challenging and lot needs to be done to attain work global standards

MF Global Broker in Chicago, IL:   (Past Employee - 2009)

Entrepreneurial

Pros

Well known firm within industry circles. Not hard to sell the name.

Cons

The firm does not give leads. Every man for himself.

 

MF Global Trade Assistant in Chicago, IL:   (Past Employee - 2010)

Company struggling with profitability, poor morale

Pros

Good place to get experience

Cons

Constantly downsizing and overhauling leads to low employee morale. Pay is low relative to managers, tense place to work, people always being let go.

 

MF Global Anonymous:   (Past Employee - 2008)

Used to be a great place to work!!!

Pros

Always valued hard-working, loyal employees. Atmosphere is entrepreneurial, casual and fun. You work hard, but were recognized for your efforts and rewarded with increased responsibility and increased salary/bonus. Very, very loyal employees!!!

Cons

With recent management changes, culture is changing. Long-time loyal, hard-working employees no longer seem to be valued. More of a network of friends running the show.

Sat, 11/12/2011 - 02:18 | 1871755 AbandonShip
AbandonShip's picture

glassdoor.com   great website!

Fri, 11/11/2011 - 23:00 | 1871521 AldousHuxley
AldousHuxley's picture

Executive Vice President

1 MF Global Salary

n/a $286k $314k

Treasurer

1 MF Global Salary

n/a $179k $195k

Broker

1 MF Global Salary

n/a $168k $180k

Senior Finance Recruiter

1 MF Global Salary

n/a $169k $183k n/a $143k $157k

Interest Rate Futures Broker

1 MF Global Salary

n/a $144k $156k

Interest Rate Products Specialist

1 MF Global Salary

n/a $144k $157k

Senior Risk Analyst

1 MF Global Salary

n/a $129k $140k

Data Integration Specialist

1 MF Global Salary

n/a $128k $141k

Vice President

5 MF Global Salaries

$110,000 $100k $150k

Sharepoint Developer

1 MF Global Salary

n/a $100k $110k

Senior Vice President

4 MF Global Salaries

$102,500 $75k $185k

Quantitative Analyst

1 MF Global Salary

n/a $95k $105k

Derivative Markets Analyst

1 MF Global Salary

n/a $82k $89k

Quality Assurance Analyst

1 MF Global Salary

n/a $77k $83k

Derivative Advisor

1 MF Global Salary

n/a $67k $72k

Direct Market Access Client Service Representative

2 MF Global Salaries

$62,724 $58k $68k

Operational Systems Specialist

2 MF Global Salaries

$55,714 $53k $58k

Commodities Broker

1 MF Global Salary

n/a $48k $52k
Sat, 11/12/2011 - 05:10 | 1871842 Harlequin001
Harlequin001's picture

Most of these are less than $12,000/ month. So what?

Fri, 11/11/2011 - 13:22 | 1870238 hampsterwheel
hampsterwheel's picture

Another classic and timeless example of what happens when a socialist minded person attempts to run a business - what is so amazing that he drove a company BK in an environment of legal insider trading, market manipulation, legalized illegal accounting practices, advance minutes to fed decisions, countless "blue horse shoe" calls and YET he still drove it into the ground - amazing!!!

Fri, 11/11/2011 - 13:50 | 1870335 Ricky Bobby
Ricky Bobby's picture

Makes you wonder? Primary fricking dealer!

Fri, 11/11/2011 - 13:57 | 1870350 Manthong
Manthong's picture

M F’n brokerage customer:

“We didn’t think we were just customers,” said David Rosen, a 32-year-old energy broker who works at the New York Mercantile Exchange. “We’re the ones in the pits providing liquidity so everyone around the world can trade these products.”
http://www.bloomberg.com/news/2011-11-11/mf-global-clients-frustrated-as-bankruptcy-keeps-assets-and-options-frozen.html

Now somebody prove that most other trading accounts and market  liquidity is not similarly compromised.

Fri, 11/11/2011 - 14:32 | 1870451 ToNYC
ToNYC's picture

The proof is at the bottom of the sea. The iceberg named Corzine drove a desperate NY Monopoly Bank gang/FEd dagger into the heart of Chicago. Corzine as BondZilla, the Chicago confidence killah!

Fri, 11/11/2011 - 14:50 | 1870527 I am a Man I am...
I am a Man I am Forty's picture

I'm so sick of people acting like they are fucking Ghandi under the guise of providing liquidity.  If there's not a willing buyer and a willing seller too fucking bad.  Welcome to the world of markets.

Sat, 11/12/2011 - 05:11 | 1871843 Harlequin001
Harlequin001's picture

well said...

Fri, 11/11/2011 - 13:22 | 1870240 hampsterwheel
hampsterwheel's picture

Another classic and timeless example of what happens when a socialist minded person attempts to run a business - what is so amazing that he drove a company BK in an environment of legal insider trading, market manipulation, legalized illegal accounting practices, advance minutes to fed decisions, countless "blue horse shoe" calls and YET he still drove it into the ground - amazing!!!

Fri, 11/11/2011 - 23:09 | 1871539 AldousHuxley
AldousHuxley's picture

take out US government subsidies and let see who is the real socialist?

 

Corporate farmers

Sugar

Oil

healthcare

education

military

etc....

 

 

 

Fri, 11/11/2011 - 13:27 | 1870254 orangedrinkandchips
orangedrinkandchips's picture

"And were gonna smoke an ounce to that...G's up, Ho's down!!"

 

word

 

See...Much like Dexter, sick-as-fuck Pedophile liars CAN serve a purpose in today's "society"......who woulda thunk?? lol

Fri, 11/11/2011 - 13:19 | 1870231 hampsterwheel
hampsterwheel's picture

I love the line "Terminated to preserve assets" --- so at least we are honest as to what is an asset and what is not ...

Fri, 11/11/2011 - 13:04 | 1870161 Harlequin001
Harlequin001's picture

Yeees, Ha ha sucks to be you...and just in time for Christmas as well.

That'll bugger up the Christmas tree tax...

Fri, 11/11/2011 - 13:29 | 1870194 TruthInSunshine
TruthInSunshine's picture

I thought Jamie Dimon had remembered that he was holding, for safekeeping, 600 or 700 million some odd dollars in his office safe, as a favor to Corzine.

What happened to that very specific recollection?

Oh, Jamie remembered wrongly?

I hate when that happens.

Fri, 11/11/2011 - 13:46 | 1870325 GenX Investor
GenX Investor's picture

That was already accounted for, they are still missing a similar sum accoring to reports.

Fri, 11/11/2011 - 23:13 | 1871547 AldousHuxley
AldousHuxley's picture

Joos don't do Christmas.

 

They just got done with Rosh Hashanah and Yom Kippur sothey don't care.

Sat, 11/12/2011 - 02:23 | 1871758 Harlequin001
Harlequin001's picture

and your point being?

Fri, 11/11/2011 - 13:35 | 1870290 kaiserhoff
kaiserhoff's picture

Forensic accountants?  As opposed to the clairvoyant, turban wearing, future prophesying accountants?  But those would be eCONomists.  I'm so confused.

Fri, 11/11/2011 - 13:29 | 1870263 SpeakerFTD
SpeakerFTD's picture

This is bullshit.  98% of these guys are simple brokers, doing the same mundane, if sometimes lucrative work, that comes with being an OTC broker.   That same 98% just had no idea about account commingling and no involvement in the investment in Euro paper.  They were just doing the same job that OTC brokers all over the street do and in a matter of a couple months they lost their equity and then their jobs.   These are guys with mortgages and families who are now thoroughly screwed thanks to Corzine and his brain trust.

Fri, 11/11/2011 - 13:37 | 1870300 kaiserhoff
kaiserhoff's picture

Well said, but you can't expect the spoiled twelve year olds on the day shift here to make those distinctions;)

Fri, 11/11/2011 - 15:59 | 1870718 Wannabee
Wannabee's picture

@kaiser

"spoiled'?

I am hopeful I misunderstood your post. Cuz, I don't have an address in the Hamptons, nor Bahama's. I'm just a working slug, trying to bank a few bucs to pay for my kids' college. So they don't have 6 figure debt before they start their careers.

 

Fri, 11/11/2011 - 13:49 | 1870332 Doomer
Doomer's picture

That's life in the big casino.  Be careful of the company you keep.

Fri, 11/11/2011 - 13:54 | 1870339 Schmuck Raker
Schmuck Raker's picture

I should feel bad for the guys that went off to college with dollar signs in their eyes, knowing that when they got out they'd be making six figure incomes.

I might regret that these fellows HAD NO IDEA that they bought houses bigger than they needed, or that they could afford should the completely unforeseeable happen - that they might lose their jobs.

I should weep for the innocent children of these brave cogs in the financial services industry, who probably will have to attend a 'public' school.

 

- and yet, I don't. Hmmm.

Fri, 11/11/2011 - 13:07 | 1870171 The Big Ching-aso
The Big Ching-aso's picture

 

 

What about their Hampton chateaus?    How will they ever vacay again commensurate with their social status?

This is unconscionable.

 

Fri, 11/11/2011 - 13:48 | 1870330 azusgm
azusgm's picture

Looks like 150-200 may be hired back by the trustee.

Fri, 11/11/2011 - 14:23 | 1870427 Freddie
Freddie's picture

Obama's Democrat pal John Corzine.   Customer fleeced and cheated.  Another Dem bustout like Solyandra.

Fri, 11/11/2011 - 12:42 | 1870050 goldencross10
goldencross10's picture

Positive news for the next NFP report!

Fri, 11/11/2011 - 13:07 | 1870172 DeadFred
DeadFred's picture

200 new hires for a start up company which validates the birth death adjustments. Bullish

Fri, 11/11/2011 - 12:43 | 1870053 Sqworl
Sqworl's picture

Gone with Bonus and client money...Yay

Fri, 11/11/2011 - 12:43 | 1870055 lolmao500
lolmao500's picture

Jon Corzine for the win!

http://www.xe.com/news/2011/11/11/2276389.htm?c=1&t=

Portrait of MF's former CEO Corzine on sale for $85,000

He has put it up for sale at a price of $85,000 for the next week, during what Raymond calls the 'annotation period.' After that, he will raise the price north of $100,000.

ZHers should team up and buy that portrait... and Tyler then takes a dump on it on TV...

Fri, 11/11/2011 - 14:22 | 1870419 Bob Sacamano
Bob Sacamano's picture

He is a loathsome, offensive liberal brute, yet I can't look away

Fri, 11/11/2011 - 12:43 | 1870057 Conrad Murray
Conrad Murray's picture

Too bad they didn't all do humanity a favor and jump.

Fri, 11/11/2011 - 12:43 | 1870058 Ctrl-Alt-Defeat
Ctrl-Alt-Defeat's picture

Aaaaaaaaand, it's gone.

Fri, 11/11/2011 - 12:49 | 1870088 bernorange
bernorange's picture

You forgot the "poof" - it's my favorite part.

http://www.youtube.com/watch?v=RAKsMnAM8vk

Fri, 11/11/2011 - 15:22 | 1870632 Whoa Dammit
Whoa Dammit's picture

Since their website seems to feature stylish young men, perhaps the money really did go "poof".

Fri, 11/11/2011 - 12:44 | 1870061 SheepDog-One
SheepDog-One's picture

Hillarious! We're looking at total chaos and Wall St blowup, but no one sees it because the DOW is up 2% today so that means all is well. 

Fri, 11/11/2011 - 12:44 | 1870062 caerus
Fri, 11/11/2011 - 13:10 | 1870179 Harlequin001
Harlequin001's picture

So he's just finished it the week the firm goes bust. Now that's unlucky...

Fri, 11/11/2011 - 14:12 | 1870391 SokPOTUS
SokPOTUS's picture

...just another unsecured creditor...

Fri, 11/11/2011 - 14:55 | 1870544 realitybiter
realitybiter's picture

I'll offer 85,000 ounces of dickcheese

Fri, 11/11/2011 - 12:44 | 1870063 Dick Darlington
Dick Darlington's picture

Waiting for Dick Bove report on MF Global next week explaining "the firm is fine".

Fri, 11/11/2011 - 12:45 | 1870067 Ahmeexnal
Ahmeexnal's picture

did they all get golden parachutes?

Fri, 11/11/2011 - 12:46 | 1870075 freethinker4now
freethinker4now's picture

25th Airborne?

Fri, 11/11/2011 - 12:49 | 1870086 yabyum
yabyum's picture

How about golden showers.

Fri, 11/11/2011 - 13:11 | 1870190 Scisco
Scisco's picture

I would chip in a coin to see that.

https://www.youtube.com/watch?v=WYwH_8tPOGg

Fri, 11/11/2011 - 13:27 | 1870250 DoChenRollingBearing
DoChenRollingBearing's picture

Pucha!

Sat, 11/12/2011 - 02:25 | 1871760 bIlluminati
bIlluminati's picture

Isn't Golden Showers a retirement home?

Fri, 11/11/2011 - 14:11 | 1870388 SokPOTUS
SokPOTUS's picture

...any color they like as long as I get to pack the gear.

Fri, 11/11/2011 - 12:45 | 1870068 pain_and_soros
pain_and_soros's picture

This will most certainly be a Veterans day they remember...

Fri, 11/11/2011 - 14:11 | 1870386 SokPOTUS
SokPOTUS's picture

...who says Wall St. doesn't get Veterans Day off?

Fri, 11/11/2011 - 12:46 | 1870071 freethinker4now
freethinker4now's picture

 


NEXT!!!

 

Fri, 11/11/2011 - 12:47 | 1870076 LawsofPhysics
LawsofPhysics's picture

Bullish, until it's not.  Let's get the collapse over with already so compensation (in whatever form that may be) can finally find its way back to people who are actually worth a shit.

Fri, 11/11/2011 - 14:16 | 1870401 steveo
steveo's picture

I wouldn't rely on that as an endgame.

Fri, 11/11/2011 - 12:46 | 1870077 love
love's picture

what kind of delusional fucking freak gets a porttrait of themselves? these people really do think they are special

Fri, 11/11/2011 - 12:51 | 1870105 Dr. No
Dr. No's picture

What's one thing you want to do before you die?  Paint a self-portrait.

Fri, 11/11/2011 - 13:23 | 1870241 c'mon man
c'mon man's picture

The Bucket list:

1. Skydive

2. Climb Mt. Everest

3. See the Pyramids of Egypt

4. Have a self portrait of me painted

5. Commingle client funds

6. please...continue...

Fri, 11/11/2011 - 13:27 | 1870255 Dr. No
Dr. No's picture

Build a house

Fri, 11/11/2011 - 14:02 | 1870365 MsCreant
MsCreant's picture

6. Sell my mother, wife and children. Comingle proceeds with client funds.

7. Star in a reality porn show where I am raped daily by prison inmates. Audience gets to vote on who rapes me and in what manner. Prisoners are voted on the rape possee rather than off. Climax of the season features a gang rape in a no holds barred session, featuring all of the star rapists voted on by the television audience. 

Fri, 11/11/2011 - 14:09 | 1870377 SokPOTUS
SokPOTUS's picture

...I'm sensing a new hit comedy for NBC!

Fri, 11/11/2011 - 14:32 | 1870464 Big Corked Boots
Big Corked Boots's picture

8. Fuck up a state, then...

9. Fuck up a country.

Fri, 11/11/2011 - 17:29 | 1870968 MsCreant
MsCreant's picture

10. Have a corporation that stole so much and failed so bad that it becomes the dominoe that FUCKS UP THE GLOBAL ECONOMY. MF GOLBAL BITCHEZ!!!!! PONZINE, PONZINE, PONZINE.

Fri, 11/11/2011 - 14:10 | 1870380 SokPOTUS
SokPOTUS's picture

...maybe with one ear cut off.

Fri, 11/11/2011 - 14:59 | 1870563 realitybiter
realitybiter's picture

Especially when you look like a crossbreed between bozo the clown and friar tuck.

He's just an old, ugly hippy in a handmade suit that got lucky and finally shit the moneybed.

 

I should have known better.  Any man that looks in the mirror and see Corzine is quite comfortable lying pathologically.  He does it every morning....

 

"damn, I look good"  

 

Fri, 11/11/2011 - 16:50 | 1870864 Jena
Jena's picture

He has such a distinctive look, can't you just imagine him changing it up for the new life?  A blond/gray wig with a low hairline in front to alter that well-known forehead, ditch the glasses for contact lenses (he can even change the color of his eyes, I'd guess gray), and shave the moustache and beard.  Then, since he's been in high-end suits and leisure wear for so long, dress down in baggy, ripped and faded jeans and flannel shirts.  Stop the manicures and do some rough work to mess the hands up a little and he'd be harder to recognize.  Whether he could actually tolerate these changes is another question.

Fri, 11/11/2011 - 12:47 | 1870080 Irish66
Irish66's picture

They can't have anyone left to tell the truth

Fri, 11/11/2011 - 12:47 | 1870081 Richard Head
Richard Head's picture

How the hell is Corzine not in jail right now?

Fri, 11/11/2011 - 13:07 | 1870173 AbandonShip
AbandonShip's picture

ex-GSachs guys have friends in high places.

Fri, 11/11/2011 - 13:24 | 1870215 tickhound
tickhound's picture

1.  He's a former Goldman CEO

2.  Former US Senator

3.  Former US Governor

4.  Friends in the CFTC

5.  Friends in the SEC

6.  Friends at the FED

7.  His crime involves stealing over $1,000,000

8.  His crimes are too complicated for average US citizens to understand

9.  Wealth transfer is only deemed outrageous when the lower class is the recipient

10.  An investigation that runs too deep could disturb markets

11.  He's a lead Obama fundraiser

12.  And he's .............

Fri, 11/11/2011 - 13:30 | 1870269 ParkAveFlasher
ParkAveFlasher's picture

...Hindu?  No, that's not it.

Fri, 11/11/2011 - 13:54 | 1870338 azusgm
azusgm's picture

At least seize his passport and those of his family.

Fri, 11/11/2011 - 12:48 | 1870082 PaperBear
PaperBear's picture

Did the any of the non-executives get a severance ?

Fri, 11/11/2011 - 12:50 | 1870100 yabyum
yabyum's picture

Did any of the non-executives get their last paycheck? Or did the douche corzine steal that too.

Fri, 11/11/2011 - 12:55 | 1870120 PaperBear
PaperBear's picture

Unless the non-executives are also crooks then forget I asked.

Fri, 11/11/2011 - 12:48 | 1870085 Bam_Man
Bam_Man's picture

Time to look for a similar job at another bucket shop.

Fri, 11/11/2011 - 12:49 | 1870089 Dr. Engali
Dr. Engali's picture

Good enough for another 100 pts on the DOW. Cause we know this couldn't possibly be going on at other firms.

Fri, 11/11/2011 - 12:49 | 1870091 Josh Randall
Josh Randall's picture

Sounds like more people to become WHISTLEBLOWERS and maybe go OWS and the Fed

Fri, 11/11/2011 - 12:49 | 1870092 Nolsgrad
Fri, 11/11/2011 - 12:50 | 1870097 Jason T
Jason T's picture

I literally thought the same thing!   I was even going to post this very link!  have a good weekend!

Fri, 11/11/2011 - 12:52 | 1870093 DormRoom
DormRoom's picture

MF employees, I know a park near you that you can turn to for support in these dark times.

rage against the dying of the light.

 

#occupywallstreet

Fri, 11/11/2011 - 12:50 | 1870096 Hephasteus
Hephasteus's picture

99 percent is in your economy firing your ass.

Fri, 11/11/2011 - 12:56 | 1870102 Zero Govt
Zero Govt's picture

Why doesn't MF'er Cauzine Soda use his connections, call up Bummas Job Czar, Jeff Immelt, and ask him how to keep all those jobs?

Afterall these Democrat 'experts' have been gobbing non-stop for decades about 'creating jobs'... they've spent $Billions on it, where have they all gone?

Fri, 11/11/2011 - 12:51 | 1870107 Segestan
Segestan's picture

They'll probably outsource the liquidation to India.

Fri, 11/11/2011 - 12:52 | 1870110 HD
HD's picture

Are they outsourcing the document shredding?

Fri, 11/11/2011 - 12:57 | 1870131 delacroix
delacroix's picture

yes, to the SEC

Fri, 11/11/2011 - 14:01 | 1870358 azusgm
azusgm's picture

Here's a company with a proven name in the document shredding business.

http://abcnews.go.com/WNT/story?id=130518&page=1#.Tr1iE7LPxqM

Sorry I couldn't locate the pic of the truck parked out in the street in downtown Houston while work was in progress.

Fri, 11/11/2011 - 12:56 | 1870127 Dr. Gonzo
Dr. Gonzo's picture

John Corzine ran out of there the day after he sucessfully bankrupted the firm (and it's clients). No point in him sticking around when Obama needs him in the White House to advise and raise $ for the re-election. Just continuing on with God's work.

Fri, 11/11/2011 - 13:34 | 1870287 RichardENixon
RichardENixon's picture

Seems like he's pretty good at raising other people's money.

Fri, 11/11/2011 - 14:41 | 1870489 Big Corked Boots
Big Corked Boots's picture

Every taxpayer in NJ would like to click your green arrow!

Fri, 11/11/2011 - 12:57 | 1870132 bania
bania's picture

...and the office supply cupboards are bare.

Fri, 11/11/2011 - 13:12 | 1870200 fuu
fuu's picture

The janitor is checking all the desk drawers for spare change.

Fri, 11/11/2011 - 12:59 | 1870142 Zymurguy
Zymurguy's picture

Corzine headed to DC for a nice cushy Czar job.

Fri, 11/11/2011 - 13:35 | 1870293 RichardENixon
RichardENixon's picture

He'd be perfect for head of the SEC, FED or Treasury.

Fri, 11/11/2011 - 14:06 | 1870372 azusgm
azusgm's picture

Or he could die and be cremated just like Ken Lay, then have charges vacated in case he comes back to life.

Needs a plan in case we have a show hearing for the entertainment and reassurance of the "little people".

Fri, 11/11/2011 - 13:00 | 1870144 lieutenantjohnchard
lieutenantjohnchard's picture

glad i'm just a simple caveman gold and silver holder.

Fri, 11/11/2011 - 13:08 | 1870175 I Am The Unknow...
I Am The Unknown Comic's picture

You old relic, you!

Fri, 11/11/2011 - 13:14 | 1870212 tmosley
tmosley's picture

I'm just a simple unfrozen caveman investor.  This world of paper frightens, and confuses me.  When I see the blinking lights and hear the blaring of horns as I drive home after a long day in the big glass cave, it makes me want to GET OUT of my Bentley, and run off into the hills.  Are there demons all around me?  I don't know, I'm just a simple cave man investor.

But even a simple unfrozen caveman such as myself knows that the only way to stop people from taking whats yours is to hold it yourself, with mighty thundersticks and boom axes to stop anyone from taking them.

 

Fri, 11/11/2011 - 13:23 | 1870243 lieutenantjohnchard
lieutenantjohnchard's picture

100% right. ya gotta get ahold of the gold and silver and keep it with you. if the mfglobal debacle doesn't wake folks up to the corruption then i guess they'll have to experience it first hand to understand it.

Fri, 11/11/2011 - 13:30 | 1870270 DoChenRollingBearing
DoChenRollingBearing's picture

We cavemen in tribes run and hide when the MFGlobal monsters come by (with Corzine heads).  Hide, deep. deep in our caves and make sure the metals stay close...

Fri, 11/11/2011 - 13:02 | 1870149 SilverBaron
SilverBaron's picture

Big bank takes little bank.

Fri, 11/11/2011 - 13:03 | 1870154 junkyardjack
junkyardjack's picture

They better make some space at Zuccotti Park

Fri, 11/11/2011 - 14:14 | 1870395 SokPOTUS
SokPOTUS's picture

#OWS's won't want them...they've got TB down there already...don't want to add STD's to that mix too.

Fri, 11/11/2011 - 13:05 | 1870163 AbandonShip
AbandonShip's picture

Ah, E&Y is on the job.  We're sure to get all the useful details now!  </sarc>

Fri, 11/11/2011 - 13:06 | 1870169 RobotTrader
RobotTrader's picture

Within 3 months, all those guys will be working for other Bulge Bracket firms or various Wall St. Chop Shops, probably making even more money than they did at MF Global.

Either that, or they will start Forex daytrading firms, start their own hedge funds, or whatever.

Fri, 11/11/2011 - 13:09 | 1870177 AbandonShip
AbandonShip's picture

yeah, this is the best thing that coulda happened to them!  </sarc>

Fri, 11/11/2011 - 13:09 | 1870181 drivenZ
drivenZ's picture

some of them, yes...people forget that it takes a large number of ops and back office people who aren't making a ton of money to keep an operation like MF going. Those people I'm afraid won't be as lucky.  

Fri, 11/11/2011 - 13:14 | 1870211 lieutenantjohnchard
lieutenantjohnchard's picture

so if they start their own hedge funds i guess that'll add to the "millions of hedge funds" that you say exist.

robottrader: when a simple exaggeration isn't big enough.

Fri, 11/11/2011 - 13:09 | 1870178 YesWeKahn
YesWeKahn's picture

Liquadation? Italian bonds? Well, well, well

Fri, 11/11/2011 - 13:09 | 1870180 tahoebumsmith
tahoebumsmith's picture

Mission accomplished, now let's pack this shit up and head on down to 200 West St. to get our bonus checks....

Fri, 11/11/2011 - 13:10 | 1870185 TooBearish
TooBearish's picture

Most cynical comment of the day - This is not news- wake me up when someone is arrested for the criminal fraud that was committed at MFG.

 

Thanks and have a great day

Fri, 11/11/2011 - 13:10 | 1870188 eatthebanksters
eatthebanksters's picture

I am at a point where I don't get worked up about the unfairness of these situations anymore...if I let it get to me I'd have to get a gun to do anything to solve the problem.  Just understand, there are two tiers of justice in this country, one for Obama and his cronies (the rich who are on his side) and one for everyone else.  That's the way it is...what amazes me is that so many people haven't figured out what a fraud our president truly is and that despite the distastrous management of our country and economy, people still think that he is a better option.  WOW!  Can someone tell me if there is a truly democratic, capitalistic, non-socialistic, stable country left in the world (even better if the weather is like California)?

Fri, 11/11/2011 - 13:12 | 1870196 GMadScientist
GMadScientist's picture

Not by your definitions, no.

 

Fri, 11/11/2011 - 13:11 | 1870191 GMadScientist
GMadScientist's picture

Hope those 200 know where the bodies are buried.

 

Fri, 11/11/2011 - 13:11 | 1870192 markar
markar's picture

So does the trustee claw back the bonuses?

Fri, 11/11/2011 - 13:13 | 1870205 GMadScientist
GMadScientist's picture

866 mysterious claims of totalled Ferraris and McLarens flood into insurers everywhere.

 

Fri, 11/11/2011 - 13:13 | 1870202 AllAboutTheBenjamins
AllAboutTheBenjamins's picture

As is the case with most big 'evil' corporations, many of the employees are just normal people who are now in a serious spot of trouble.  I have a friend who 'used' to work there who had nothing to do with the pilfering of clients money.  Please keep this in mind when speaking about the folks that work there. 

Fri, 11/11/2011 - 13:58 | 1870355 clawfoot tub
clawfoot tub's picture

Fuck them. The SYSTEM is a Ponzi and all who choose to earn their keep by making $ off $ aren't providing anything useful.

Junk away, cos red and green really mean something.

Fri, 11/11/2011 - 16:59 | 1870889 Dirt Rat
Dirt Rat's picture

I feel sorry about anyone losing his job, but when that job just mindlessly oils and enables the machinery of the beast, then maybe it's time to find better employment. 

Fri, 11/11/2011 - 13:14 | 1870208 luna_man
luna_man's picture

Could it be that of 1066 employee's, they were all criminal?...Did they all know?

 

WHAT ABOUT THE INNOCENT, IF ANY?

Fri, 11/11/2011 - 13:14 | 1870209 Rainman
Rainman's picture

E&Y doing the forensic audit...?? Is this the same E&Y being sued big time for seeing absolutely nothing wrong at Lehman before it collapsed....?? This gang won't even know MFG is dead....just do an ongoing concern warning.

Fri, 11/11/2011 - 13:16 | 1870218 midgetrannyporn
midgetrannyporn's picture

It must be nice to be above the law.

Fri, 11/11/2011 - 13:22 | 1870235 mccoyspace
mccoyspace's picture

Fire them all and let God sort them out.

Fri, 11/11/2011 - 14:17 | 1870404 SokPOTUS
SokPOTUS's picture

Um.  But then God would have to do God's work.

Fri, 11/11/2011 - 13:22 | 1870239 orangedrinkandchips
orangedrinkandchips's picture

"Hey Dirt-ay....baby WHERE GO MY MONEY??"

 

WHERE THE FUCK IS THE MONEY...FUCK THESE BONUS GETTING-SLOBS RIGHT BEFORE THE WHOLE SHITHOUSE GOES UP IN FLAMES....

 

WHERE'S THE MONEY JONNY??? FUCKING COCKSUCKER

Fri, 11/11/2011 - 13:27 | 1870251 Lexington Duffet
Lexington Duffet's picture

Because one man made a huge stupid bet, a company dating back to 1783 went out of business and over 1000 people lost their jobs.  I love gallows humor as much as most but I'm not sure why anyone sees this part of the MF Global fiasco as funny.  Laugh at Corzine yes, I see that.  Laugh at Skadden Arps for suggesting that MF Global get bailed out by the Bernancke and whomever.  Laugh at Bernancke, Geitner, and the ECB for actually, as Jim Grant pointed out, for even thinking about let alone doing the MF Global trade which bankrupted that company.  That's so stupid its funny.  

But a 220 year old company going down and a thousand folks losing their jobs?   Nothing to laugh at IMO.   

I tend to doubt it, but maybe OWS had some good effect after all.  I half expected Geitner and Bernancke to bail out MF Global.  The too dumb to fail policy. 

And I wonder what Corzine will do and who caused the missing customer account money.  With Murdoch's wiretapping scandals, he simply paid the people who dealt directly with him (Brooks) millions to shut up as "severance."   The MF Global execs don't have that option if it was a deliberate act rather than just a gross screw up.  

 

Fri, 11/11/2011 - 14:00 | 1870356 clawfoot tub
clawfoot tub's picture

One more piece of the PONZI crumbles. Poor douchebags will have to find other employment now; perhaps they can do something useful with their "life."

 

LOLOLOLLOLOOLOLOLOL

 

Red is my friend.

Fri, 11/11/2011 - 13:27 | 1870259 yogibear
yogibear's picture

 Time for Corzine to be appointed as new Treasury Secretary to continue with the fraud and financial follies. 

Fri, 11/11/2011 - 13:30 | 1870268 virgilcaine
virgilcaine's picture

On the "Strong Buy" List at DICK Bove's Rochdale securuties.

Fri, 11/11/2011 - 13:38 | 1870302 monopoly
monopoly's picture

Corzine, will he go to jail? Probably not. Disgusting.

Fri, 11/11/2011 - 17:36 | 1870990 MsCreant
MsCreant's picture

What a puppet show. Who's the bottom?

Fri, 11/11/2011 - 13:38 | 1870303 spanish inquisition
spanish inquisition's picture

The FED 100x levered ponzi runners are a little nervous. One of the feeder funds is down, only 21 left. I am guessing alot of the other feeder funds have been cannibalaized and are in the same lever to live mode.

Good idea getting rid of everyone, it will be harder to piece together what happened and where the money is.....

Fri, 11/11/2011 - 13:53 | 1870341 Shizzmoney
Shizzmoney's picture

I lol'd.

Plus, I am sure they got severance3, if you do, NO UE FOR YOU!

Fri, 11/11/2011 - 14:03 | 1870367 slewie the pi-rat
slewie the pi-rat's picture

 forensic accountants?  from E&Y? 

well for the customers' accts, i s'pose

this is a v.old urban legend about the bureau:  in order to get a badge from j.edgah, ya had to be either a lawyer or an accountant... standards and all, ya know...

Fri, 11/11/2011 - 14:04 | 1870370 rookie
rookie's picture

Corzine dancing in happier times...William B, do you need some pics?

 

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