IT's GOOD TO BE THE
Posted on 10/31/2011 9:16:12 AM PDT by SeekAndFind
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 in the event of a sale.
That's $12 million for joining a company and, in two years, flying it into a mountain.
(Excerpt) Read more at businessinsider.com ...
They won't care. He's a liberal Democrat. It's OK when he scores big.
It's just the faceless, presumably conservative 1% they have a problem with, not the part of the 1% they know. Do you think they'll protest Michelle's next royal vacation?
Corzine’s Bankrupt Firm Owes CNBC $845,397.
SEE HERE:
Rob Gillette, who resigned as chief executive officer of First Solar Inc. (FSLR) this week after boosting production capacity during a slump, collected $29.9 million for his initial 15 months on the job and may be eligible for an $8.9 million severance package.The world’s biggest maker of thin-film solar panels rewarded Gillette while its shares dropped 60 percent from the day he started in October 2009 through Oct. 24, the day before he stepped down. Gillette’s compensation is at least 19 percent more than what Chevron Corp. CEO John Watson earned over the same period, when the U.S. energy company’s shares gained 54 percent.
RE: that’s nothing.
I’d settle for 10% of nothing :)
What the rat b@st@rd thieves in DC have done is given the keys to the Treasury to their political cronies. Of course, it would be like peeing up a rope to expect The Stoopid Party to do anything about it. Eunuchs.
They hired Corzine because he is the ultimate Govt/Corporate insider. His job was to fix it with the Obama administration to make sure their European debt investments paid off.
But some problems are just too big to be fixed. The Eurozone is not Too Big To Fail. It it Too Big To Save. There is not enough money in the World to bail Corzine’s investments out.
We don’t need to Occupy Wall Street. We need to Occupy K Street!
It is not the market that is causing these problems. It is the Govt/Corporate axis, which encourages bad investments because they think they can arrange for a government bail-out down the road.
Amazing how the 1% democrats are able to get the votes of the 99% idiots.
So again, only relying on the MSM, it seems Corzine bet on socialism and lost......
MF Global - I won’t ask what the MF stands for...
Bump
RE: MF Global - I won’t ask what the MF stands for...
__________________________
If you must know, it stands for Man Financial.
MF Global traces its roots to the sugar trading business started by James Man in England in 1783, which evolved into broader commodities trading before its later transformation into a financial services business during the 1980s.
A 230 year old company run to the ground in two years by Jon Corzine.
In short, The Wall Street Journal reported that MF Global would seek Chapter 11 bankruptcy protection after investing $6 billion in sovereign bonds issued by European countries.
That used to be a traditionally SAFE investment. Not anymore.
Sounds like Corzine was playing the game with “house money”.
And of course with an ego like his, the implosion will undoubtedly be somebody else’s fault.
Corzine and Gillette are the people who have got OWS all riled up. Anyone here want to to defend these two?
Yes, he flew the company into a mountain, but everyone got two bags of peanuts.
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