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 ...
He destroyed a Wall Street corporation. He's their hero.
You're exactly right.
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 Corzines investments out.
The US Ruling Class running low on other people's money didn't help either.
Re our posts 3 & your 4: I was talking about the OWS people, who IMHO won't care if a lib like Corzine skims from a company he bankrupted.
Your post #4 was about CNBC as a creditor to MF. I don't think that the motivation for the reporting was necessarily political or even financial, or that the amount of money was for some fishy business.. It could be advertising--MF Global advertises for Lind-Waldock, it's commodities brokerage, on TV. But, that's not what I was addressing.
FYI: The latest thread from ZeroHedge is alleging financial fraud and outright theft of clients’ monies. Jon is probably going to jail...
That there Son has all the makings of a great bumper sticker; yessiree.
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