MF Global Inc.’s 1,066 Brokerage Employees Fired

Discussion in 'Wall St. News' started by ASusilovic, Nov 11, 2011.

  1. MF Global Inc.’s workforce of 1,066 broker-dealer employees has been fired effective immediately, the trustee liquidating the unit said.

    The former employees will be paid through Nov. 15, according to a statement today from the office of the trustee, James Giddens. As many as 200 former employees are being hired to assist in the liquidation of the broker-dealer, Giddens said.

    MF Global Holdings Ltd., which was run by former New Jersey governor and Goldman Sachs Group Inc. co-chairman Jon Corzine, filed for Chapter 11 bankruptcy Oct. 31 after a $6.3 billion bet on the bonds of some of Europe’s most indebted nations prompted regulator concerns and a credit rating downgrade.

    Giddens, overseeing the liquidation of the bankrupt company’s brokerage unit, is managing the subsidiary’s wind-down under the Securities Investor Protection Act. He will try to close the broker-dealer’s New York offices as soon as possible and find cheaper space in the city, according to the statement. The unit’s Chicago offices will stay open as the business is wound down, Giddens said.

    The firings were mandated under the SIPA, Giddens said. The action is necessary 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,” he said in the statement.

    I want the client list! :D :D :D
  2. JamesL


    Way to go, Jon.
  3. Democrats adding to the unemployment figures again...
  4. Belief in government led to buying government debt using leverage.
  5. Slight modification... :)
  6. zdreg


    zuccotti park will become more crowded.
  7. Illum


    I wonder how many thought it was great corzine was coming to the company.
  8. What? That's irresponsible!

    They shouldn't let 1,066 thieves into the street at one time. Those are professional and licensed thieves, they will harm the common people in the street. Whatever they do, I hope they don't come on ET and pose as traders and tell people how good a broker/prop firm is.
  9. Sweet we're going to have 1,066 Maverick's running around here.
  10. Occam


    I hope you're being sarcastic, because your comments would seem really unfair and cruel otherwise -- there are/were a lot of hard-working and honest people at MF Global. It was not a bucket shop.
    #10     Nov 12, 2011