Bankrupt MF Global terminates entire workforce

Bankruptcy hearings are underway for MF Global, the 200-year-old trading firm, which collapsed suddenly.

NEW YORK - Defunct trading company MF Global Inc. says it is terminating its entire workforce of 1,066 employees.

The company said Friday it is dismissing workers in accordance with a bankruptcy court-mandated liquidation. Between 150 and 200 former employees are being hired to assist with the liquidation and court proceedings.

MF Global declared bankruptcy after losing money on a number of bad bets on derivatives contracts, precipitated by the European financial crisis.

The company did not immediately return a call seeking comment. It said in a statement that all the employees were notified of their termination Friday. The company said it is working to vacate its headquarters in New York as soon as possible and will close the facility.

Jon Corzine resigns as MF Global scandal deepens
FBI to probe Corzine firm's use of client money
Corzine's MF Global firm files for bankruptcy

[gruven13777]

MF Global is the Bear Sterns of 2011.

[askagain]

BaselessCritique"The company did not immediately return a call seeking comment."
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Phone operators always take the hit first. It's really unfair.

**************************************************

That depends on your perspective. Phone operators aren't the people who make financial institutions such as brokerage firms successful. It is the brokers who sell their products and those who manage them that bring profits to the company. Phone operators can easily be replaced and rarely add to the profitability of a brokerage house.

[-LiftingSkirts-]

TeaPartyAmerican
""Moral: NEVER, EVER let a lunatic-left d-cRAT socialist anywhere near YOUR money.""
______________

The D-crat repub collusion is plan to never let you near your money. You watch - They are going to withhold more of your money - watch.

[bobnjersey]

[You watch - They are going to withhold more of your money - watch.]
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actually ... the 'money' is actually the property of the federal govt ... and each person who possesses it at any given time is simply the temporary holder of it ... to be circulated and held by someone else for some other temporary period of time.

[smittyc]

A thousand people laid off one month before Christmas, that really stinks.

[Jhihmoac]

Yeah, but somebody...or rather a small handful of somebodies are gonna have a real great Xmas this year :P

[Transatlantique]

MF,......LOL, LOL, LOL. The entire world of financial institutions is full of MFs.

[sandiegopete]

What a charade the alleged two party system is. What we have demonstrated in comments to this story is Republicans claiming the Democrats are the greedy pigs who crashed our economy and Democrats claiming the Republicans are the greedy pigs who crashed our economy. Fact is there in not one bit of difference between those two parties. They are both owned lock, stock and barrel by the wealthiest 1% in this country and both parties work exclusively for the benefit of that 1%. The 99% of us that do not have hundreds of millions of dollars each do not have the financial resources to prevail in any election against the upper class. Nor does the 1% have the financial resources to corrupt Congressional and Senate staffers the way the 1% can. Fact is lobbyists write every meaningful piece of legislation in Washington. They are able to do that because they pay millions to ex Congressional and Senate staffers. The staffers know that they will not get that big money unless they play ball with the lobbyists. The United States has without doubt the most corrupt government in the developed world. It is an oppressive government where the individual is considered expendable. Our own Supreme Court radified that concept in the Citizens United decision.

[credibility2]

...I agree that blame is perhaps equal, but media and the rabid occupiers would have the rest of the world believe it's just the GOP that is greedy and the cause of the financial crisis...wrong, and Corzine proves it...plenty of Dems who also caused the downfall...they need to be held accountable and not just one party, the one that is constantly vilified by the media and the WH...

[SabineWoman]

It's sort of like the apple telling the cherry he's "next weeks pie filling". I call it the Obushma era. We are standing at a national crossroads - our economy or our Republic take your pick. Either way it's a pie in the face of the American people whether it's apple or cherry it's all the same.

[Jhihmoac]

Sounds like another case of "Take the money and run"...

[credibility2]

Corzine ruins everything he's involved in...Goldman Sachs, New Jersey and now MF Global. I sure hope they get the goods on this guy for illegally using investor money to make the bottom-line look good. OK all you twisted occupiers, find out where Corzine lives and protest at his home. Corzine is a liberal, or didn't you know that? It's not just the GOP-types that are greedy and filthy rich. Come on kids, let's have some equity in rancor and ranting.

[retm-w]

Then it's past time to hang all those Wall St.conservative bankers that have been doing the same thing.

[sandiegopete]

Corzine left Goldman in 1999. Exactly how did he ruin Goldman? You cannot answer this question. So many people shoot from the hip without knowing anything about their target. Credibility? Talk about a misnomer.

[jwrht]

Corzine is a insatiable greedy CEO who took way too mcuh risk and now the workers must pay and God only knows how many taxpayers from around the globe will have to suck up and pay this debt. Globally we need to have stiff restraints put on all companies of what they can risk, and no matter what, they will be subject to the entire debt with no taxpayer bailout. Enough of the largest mega global heists the world has ever witnessed. Heads need to roll and perhaps we need to reinstead the guillotine.