This page has been archived and commenting is disabled.
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.
»
- 13318 reads
- Printer-friendly version
- Send to friend
- advertisements -
When asked, renowned banking analyst, Dick Bove said, "MF Global is fine, a steal at these prices"
Bove had previously issued all time buys on Bear Stearns and Bank of America.
When asked about Bove, Charlie Gasparino noted- "His mother named him correctly"
Does anyone here have any insight into what is going on with Chris Flowers these days? He seems to be around for disasters like Dick Bove is.
You'rrrre FIRED!
we can all look forward, now, to the heart-rending personal stories of how these fine people got fuked by their owners & bosses and their mega-games and bluffs and blinds
when food stamps and unemployment spike, people will say "it's those MF-ers!"
Bullish.....200 new jobs created.!...see the economy is improving. That should be good for at least 100 dow points
ernst and young and deloitte gladly feast on the carcass of price waterhouse.......this situation will cause another big accounting firm to be sued into oblivion , similar to athur anderson and enron........
Anybody else notice the striking resemblance between Corzine and Cramer? Not so much specific features - the overall resemblance.
Im still digesting the Solyndra boondoggle and now Obamas buddy bankrupts MF!!! seriously how can Obama win the next election? oh yeah I get it...he will go on MTV and Jay Leno and be cool and people will be like oh yes we definatley want more of this...
whats the sloganeering gonna be this time around?
hope?
change?
fuckin joke
i think at this point his best bet is to try to get on oprah
she can pat the seat next to her on the couch for him to sit w/ her & talk
they can tell cracker jokes together
who knows? couldn't hurt from here!
too early for the oprah card?
she likes whoooo?
How can he lose?
The populace is a bunch of dope fiend criminal pedophiles in the upper classes and a bunch of dope fiend freeloafing fatasses in the lower class,
He is a fukin shoe in unless the pugs nom wimpy the deranged killer clown.
seriously how can Obama win the next election?
Major slush fund from Solyndra and MF Global. $500 million her, $500 million there, pretty soon you're talking serious walking around money.
Would'nt be sitting near any windows if I were them .....
HERE IS WHAT I LIKE. MF GLOBAL IS PAYING IT"S EMPLOYEES UNTIL THE 14TH BUT IT'S CLIENTS ARE SOL. HEAD OF CME JUST ON CNBC. HE HAD ALOT OF ANSWERS. HIS FORENSICS PEOPLE ARE ON THE FUCKING CASE.....ITS BEEN WEEKS. WHERE IS THE FUCKING MONEY JERKOFF? "WE ARE LOOKING WIRE TRANSFERS".....I BET THEY HAVE CAYMAN SWIFT CODES YOU FUCK. PEOPLE WILL BE PLEASED TO HEAR ABOUT HIS 300 MIL CONTRIBUTION. I WONDER IF THATS WHAT THE CME PROFITED FROM THIS DEBACLE (MARGIN CALLS, ACCT TRANSFERS, ETC.).
Someone posted this new Max Keiser segment.
http://www.youtube.com/watch?v=rAPM7syIcts&feature=channel_video_title
Start at 9:06 for his comments about the CME.
The second half of the vid is an interview with Jim Rickards about the new book Currency Wars along with gold.
This is weird. Don't they at least need some skeleton crew to unwind and babysit the shutdown process? Everyone gone, just like that? The mess seems to be on some sort of unprecedented scale.
The trustee is hiring 200 former employees. They all are former employees now. The 200 will work for the unwind company. Two hundred of the same employees, almost certainly.
Liquidated Bitchez!
MF Global Explained:
http://www.youtube.com/watch?v=jLt05sN7vK0