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08 Dec 2011 10:33

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Biz: MF Global: Jon Corzine doesn’t know where your money is, investors

  • Well, that’s reassuring: In statements published online to be spoken aloud at a House committee hearing, the former MF Global CEO plans to say he has no idea where he put investors’ money. “I simply do not know where the money is, or why the accounts have not been reconciled to date,” he plans to say. He claims that, since his resignation, he hasn’t had access to the information that would allow him to understand or reconstruct events. No word if angry farmers with pitchforks (some of whom might be among the investors in MF Global) will be among the crowd at this morning’s hearing. (AP file photo) source
Posted by Ernie Smith • 0 Comments • Permalink

02 Dec 2011 15:02

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Biz: MF Global: Jon Corzine’s got a packed Congressional hearing schedule

Corzine, the former New Jersey governor who resigned as MF Global CEO last month, has to face three congressional panels in the next couple of weeks. Corzine oversaw the business moves that led to the company’s bankruptcy. source
Posted by Ernie Smith • 0 Comments • Permalink

12 Nov 2011 14:38

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Biz: MF Global announces layoffs as gracefully as it handled bankruptcy

  • 1,066 MF Global employees getting the boot source
  • » Some found out via media reports: You know what sucks more than getting laid off from your job because your boss (Jon Corzine, who stepped down from the troubled company last week) made a stupid bet on the Euro zone debt crisis and lost, badly? Finding out that you’re getting laid off via news story, rather than through your own company. “We were well into the process of notifying employees and were attempting to personally reach as many employees as possible when the release went out,” noted Kent Jarrell, a spokesperson for James Giddens, the trustee charged with liquidating the company. A number of MF Global employees — none speaking publicly — reported finding out this way.
Posted by Ernie Smith • 0 Comments • Permalink

04 Nov 2011 08:14

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Biz: BREAKING: Jon Corzine resigns from troubled, bankrupt MF Global

  • He will pass on a $12 million severance package, AP reports. The former New Jersey governor, who has been the target of much scrutiny as a result of shady business practices (it appears he bet the business on the Euro debt crisis using investor money, and lost, meaning that the investor money is gone), quit his job early Friday. “I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others,” he said in a statement. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.” source
Posted by Ernie Smith • 0 Comments • Permalink

01 Nov 2011 11:30

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Biz: MF Global mixes its customers’ assets with its own sucky balance sheet

  • Reports of short falls of client money … if true would be a disaster for all the smaller brokers and banks as nobody will trust them anymore.
  • A trader based out of London • Discussing the situation with MF Global, a financial firm hard hit by the Euro debt crisis, which apparently failed to keep customer money separate from the firm’s own accounts. The company, led by former Goldman Sachs leader and ex-New Jersey Gov. Jon Corzine (great combination), is raising the spectre of some if the 2008 financial crisis gunk — remember Lehmann Bros.? Let’s hope they can get this settled and — most importantly — customers can get their money out. source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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