October 31, 2011
The big story of the day in finance is the bankruptcy of MF Global — the futures trading house run by ex-Goldmanite Jon Corzine.
Even before filing for bankruptcy, the firm was suspended from dealing with the New York Fed, and two exchanges banned the firm’s traders from accessing their trading floors.
A major contributor to the firm’s downfall: Outsize risks taken by Corzine, as it bet heavily on European debt last year, something that obviously hasn’t gone so well.
So what happens when the firm goes bust, Corzine leaves, and lots of other people lose their jobs?
DealBook reported that Corzine’s severance package could allow him to walk away with around $12 million.
$12 million for joining a company and, in two years, flying it into a mountain.
Quick, someone go tell Occupy Wall Street.
This article was posted: Monday, October 31, 2011 at 8:24 am