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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GeneMarchbanks's picture

Shocking!

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

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...

TruthInSunshine's picture

Corzine's defense attorney just held a press conference:

Boom Goes the Dynamite

 

Comay Mierda's picture

I hope corzine gets raped in prison sandusky-style

AbandonShip's picture

too soon.  Still feel bad for those kids.

redpill's picture

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

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.

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.

redpill's picture

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

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.

jonjon831983's picture

Sooooooo should I apply?

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.

AbandonShip's picture

glassdoor.com   great website!

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
Harlequin001's picture

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

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!!!

Ricky Bobby's picture

Makes you wonder? Primary fricking dealer!

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.

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!

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.

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!!!

AldousHuxley's picture

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

 

Corporate farmers

Sugar

Oil

healthcare

education

military

etc....

 

 

 

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

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 ...

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...

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.

GenX Investor's picture

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

AldousHuxley's picture

Joos don't do Christmas.

 

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

kaiserhoff's picture

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

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.

kaiserhoff's picture

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

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.

 

Doomer's picture

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

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.

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.

 

azusgm's picture

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

Freddie's picture

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

goldencross10's picture

Positive news for the next NFP report!

DeadFred's picture

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

Sqworl's picture

Gone with Bonus and client money...Yay

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...

Bob Sacamano's picture

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

Conrad Murray's picture

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

Ctrl-Alt-Defeat's picture

Aaaaaaaaand, it's gone.

Whoa Dammit's picture

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

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.