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.