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MF Global Liquidation - Everyone Gone!
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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Shocking!
So will they hit the UE line or a minimum security prison?
[sniff]
Poor lil' thieves...
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...
Corzine's defense attorney just held a press conference:
Boom Goes the DynamiteI hope corzine gets raped in prison sandusky-style
too soon. Still feel bad for those kids.
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.
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 GlobalFor 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.
Well that employee stock purchase plan sure worked out, didn't it!
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.
Sooooooo should I apply?
Company Rating Based on 18 ratings
3.2Employees say it's "OK"
CEO Rating Based on 4 ratings
Jon S. CorzineChairman and CEO
75% ApproveMF 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.
glassdoor.com great website!
Executive Vice President
1 MF Global Salary
n/a $286k $314kTreasurer
1 MF Global Salary
n/a $179k $195kBroker
1 MF Global Salary
n/a $168k $180kSenior Finance Recruiter
1 MF Global Salary
n/a $169k $183k n/a $143k $157kInterest Rate Futures Broker
1 MF Global Salary
n/a $144k $156kInterest Rate Products Specialist
1 MF Global Salary
n/a $144k $157kSenior Risk Analyst
1 MF Global Salary
n/a $129k $140kData Integration Specialist
1 MF Global Salary
n/a $128k $141kVice President
5 MF Global Salaries
$110,000 $100k $150kSharepoint Developer
1 MF Global Salary
n/a $100k $110kSenior Vice President
4 MF Global Salaries
$102,500 $75k $185kQuantitative Analyst
1 MF Global Salary
n/a $95k $105kDerivative Markets Analyst
1 MF Global Salary
n/a $82k $89kQuality Assurance Analyst
1 MF Global Salary
n/a $77k $83kDerivative Advisor
1 MF Global Salary
n/a $67k $72kDirect Market Access Client Service Representative
2 MF Global Salaries
$62,724 $58k $68kOperational Systems Specialist
2 MF Global Salaries
$55,714 $53k $58kCommodities Broker
1 MF Global Salary
n/a $48k $52kMost of these are less than $12,000/ month. So what?
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!!!
Makes you wonder? Primary fricking dealer!
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.
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!
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.
well said...
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!!!
take out US government subsidies and let see who is the real socialist?
Corporate farmers
Sugar
Oil
healthcare
education
military
etc....
"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
I love the line "Terminated to preserve assets" --- so at least we are honest as to what is an asset and what is not ...
Yeees, Ha ha sucks to be you...and just in time for Christmas as well.
That'll bugger up the Christmas tree tax...
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.
That was already accounted for, they are still missing a similar sum accoring to reports.
Joos don't do Christmas.
They just got done with Rosh Hashanah and Yom Kippur sothey don't care.
and your point being?
Forensic accountants? As opposed to the clairvoyant, turban wearing, future prophesying accountants? But those would be eCONomists. I'm so confused.
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.
Well said, but you can't expect the spoiled twelve year olds on the day shift here to make those distinctions;)
@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.
That's life in the big casino. Be careful of the company you keep.
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.
What about their Hampton chateaus? How will they ever vacay again commensurate with their social status?
This is unconscionable.
Looks like 150-200 may be hired back by the trustee.
Obama's Democrat pal John Corzine. Customer fleeced and cheated. Another Dem bustout like Solyandra.
Positive news for the next NFP report!
200 new hires for a start up company which validates the birth death adjustments. Bullish
Gone with Bonus and client money...Yay
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
ZHers should team up and buy that portrait... and Tyler then takes a dump on it on TV...
He is a loathsome, offensive liberal brute, yet I can't look away
Too bad they didn't all do humanity a favor and jump.
Aaaaaaaaand, it's gone.
You forgot the "poof" - it's my favorite part.
http://www.youtube.com/watch?v=RAKsMnAM8vk
Since their website seems to feature stylish young men, perhaps the money really did go "poof".
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.
corzine portrait - $85,000
So he's just finished it the week the firm goes bust. Now that's unlucky...
...just another unsecured creditor...
I'll offer 85,000 ounces of dickcheese
Waiting for Dick Bove report on MF Global next week explaining "the firm is fine".
did they all get golden parachutes?
25th Airborne?
How about golden showers.
I would chip in a coin to see that.
https://www.youtube.com/watch?v=WYwH_8tPOGg
Pucha!
Isn't Golden Showers a retirement home?
...any color they like as long as I get to pack the gear.
This will most certainly be a Veterans day they remember...
...who says Wall St. doesn't get Veterans Day off?
NEXT!!!
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.
I wouldn't rely on that as an endgame.
what kind of delusional fucking freak gets a porttrait of themselves? these people really do think they are special
What's one thing you want to do before you die? Paint a self-portrait.
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...
Build a house
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.
...I'm sensing a new hit comedy for NBC!
8. Fuck up a state, then...
9. Fuck up a country.
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.
...maybe with one ear cut off.
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"
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.
They can't have anyone left to tell the truth
How the hell is Corzine not in jail right now?
ex-GSachs guys have friends in high places.
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 .............
...Hindu? No, that's not it.
At least seize his passport and those of his family.
Found him...
http://images.quickblogcast.com/8/2/6/3/1/121715-113628/fp3976739trbcorzinejonset2110609_460x334.jpg?a=50
Did the any of the non-executives get a severance ?
Did any of the non-executives get their last paycheck? Or did the douche corzine steal that too.
Unless the non-executives are also crooks then forget I asked.
Time to look for a similar job at another bucket shop.
Good enough for another 100 pts on the DOW. Cause we know this couldn't possibly be going on at other firms.
Sounds like more people to become WHISTLEBLOWERS and maybe go OWS and the Fed
it didn't do to well.... http://www.youtube.com/watch?v=4TlPo0yCSa4&feature=youtu.be
I literally thought the same thing! I was even going to post this very link! have a good weekend!
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
99 percent is in your economy firing your ass.
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?
They'll probably outsource the liquidation to India.
Are they outsourcing the document shredding?
yes, to the SEC
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.
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.
Seems like he's pretty good at raising other people's money.
Every taxpayer in NJ would like to click your green arrow!
...and the office supply cupboards are bare.
The janitor is checking all the desk drawers for spare change.
Corzine headed to DC for a nice cushy Czar job.
He'd be perfect for head of the SEC, FED or Treasury.
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".
glad i'm just a simple caveman gold and silver holder.
You old relic, you!
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.
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.
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...
Big bank takes little bank.
They better make some space at Zuccotti Park
#OWS's won't want them...they've got TB down there already...don't want to add STD's to that mix too.
Ah, E&Y is on the job. We're sure to get all the useful details now! </sarc>
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.
yeah, this is the best thing that coulda happened to them! </sarc>
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.
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.
Liquadation? Italian bonds? Well, well, well
Mission accomplished, now let's pack this shit up and head on down to 200 West St. to get our bonus checks....
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
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)?
Not by your definitions, no.
Hope those 200 know where the bodies are buried.
So does the trustee claw back the bonuses?
866 mysterious claims of totalled Ferraris and McLarens flood into insurers everywhere.
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.
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.
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.
Could it be that of 1066 employee's, they were all criminal?...Did they all know?
WHAT ABOUT THE INNOCENT, IF ANY?
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.
It must be nice to be above the law.
http://www.youtube.com/watch?v=mZM-d2qD15E
Fire them all and let God sort them out.
Um. But then God would have to do God's work.
"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
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.
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.
Time for Corzine to be appointed as new Treasury Secretary to continue with the fraud and financial follies.
On the "Strong Buy" List at DICK Bove's Rochdale securuties.
Corzine, will he go to jail? Probably not. Disgusting.
http://1.bp.blogspot.com/-9fkT2uNYdyY/ThMN83IlH2I/AAAAAAAACZQ/5b0EgTZktM...
What a puppet show. Who's the bottom?
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.....
I lol'd.
Plus, I am sure they got severance3, if you do, NO UE FOR YOU!
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...
Corzine dancing in happier times...William B, do you need some pics?
http://chabadnj.org/page.asp?pageID={B3280C2F-7A4A-4CFB-810B-23227AC6313D}