Bankrupt MF Global terminates entire workforce

[RamboLiberal]

Source: CBS News/AP

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.



Read more: http://www.cbsnews.com/8301-500395_162-57323186/bankrupt-mf-global-terminates-entire-workforce/?tag=stack

[Tansy_Gold]

1. Just one question here

Is Jon Corzine bankrupt?



(morally, yes, I suppose so, but I'm talking about the $$$ in this instance.)


wanker.





TG

[PoliticAverse]

8. No. n/t

[mwrguy]

25. Corzine is still worth $400 million

.

[dtexdem]

2. Did they really have to kill them all?

;-)

[banned from Kos]

3. Its Lehman but without the contagion.

markets shrugging it off.

banks have adequate capital.

[Yupster]

26. The difference is the bonds

Lehman had tens of billions or hundreds of billions of bonds out there that were owned by every bank, insurance company and pension fund. When Lehman went under those bonds all had to be written down and all those companies were instantly in trouble. Then all those companies had their bond prices drop.

This company just didn't have that octupus like exposure.

[jberryhill]

4. I feel badly for the unemployed MF'ers

[DeSwiss]

16. You are so bad!

http://www.moviesfoundonline.com/eat_the_rich.php">Eat the Rich

[Citizen Worker]

5. When will Obama, Geithner, et al, come to the rescue of MF Global? By that I mean, when will we,

the taxpayers, come to the rescue?

[banned from Kos]

6. They're not going to. you're thinking of Bush and Paulson.

Obama has "rescued" no bank.

TARP was bi-partisan though.

[former9thward]

9. You are rewriting history.

Obama came off the campaign trail in September, 2008 and demanded Congress pass TARP. He said it would be irresponsible not to. The future Treasury Secretary, Geithner, was one of the principle writers of TARP.

[banned from Kos]

14. Geithner was in Congress to write TARP? And forced the vote? Obama pushed old Bush into TARP?

And Obama rescued which bank?

seriously - your version of history is fiction.

[former9thward]

18. Which bank -- all of them that took the money.

A year after taking office Obama extended TARP http://online.wsj.com/article/SB126045803412785605.html. Obama fought for the second part of TARP after taking office http://abcnews.go.com/Politics/Economy/story?id=6654133&page=1#.Tr1_OlbYFL0 Both Obama and McCain urged a yes vote. http://www.youdecidepolitics.com/2008/10/01/obama-mccain-both-vote-yes-on-senate-bailout-bill/ Geithner was with the Federal Reserve at the time of TARP, supported it and help author it with Paulson. http://www.cnbc.com/id/39720768/Isaac_Geithner_s_TARP_Myths

[banned from Kos]

21. Spin all you want. The financial collapse and TARP bandaid is not on Obama

Feel like I am arguing with a teabagger.

[former9thward]

22. Where is the spin?

You said Obama did not rescue any bank. As my links show he certainly did whether you want to admit it or not.

[girl gone mad]

24. You're wrong, as usual.

Obama was the single Democrat most responsible for getting TARP passed.

[DeSwiss]

17. As soon as the.....

...last http://www.msnbc.msn.com/id/45138127/ns/politics/t/obama-campaign-may-return-cash-mf-globals-corzine/#.Tr100nKwVic">check clears.

- Maybe......

[wilt the stilt]

7. Bizarre- I called them this morning

and they answered.

[russspeakeasy]

10. ...and Corzine is in jail right ???

[Jack Rabbit]

11. Let's gather MF's former top-salaried employees together in a conference room and . . .

. . . distribute to them applications for employment at McDonald's.

At least it's honest work, even if the pay sucks.

[PassingFair]

12. Let's be kind.

Let them "retrain" at their local community colleges for
non-existent HVAC positions.

:)

[Jack Rabbit]

15. Between us we have a plan . . .

They can take classes at the community college for non-existent careers or exported jobs while working part time at McDonald's.

If they need more cash to pay the mortgage (or just eat), then they can pose with a one-page note featuring a ridiculous Horatio Alger story written by politcal astroturf manufacturer Erick Erickson.

[hedgehog]

20. and they can take out a student loan that they must pay off regardless of their future employment!

[katty]

13. ...and...here we go, again...

[totodeinhere]

19. People wonder why a blue state like New Jersey elected Christie.

Could it be that they knew what a jerk Corzine was and they selected the lesser of two evils? If I had been a New Jersey voter I would have probably left the governor's slot blank and only voted in down ticket races. I couldn't see myself supporting Corzine but I am not about to vote for a Republican either.

[dipsydoodle]

23. So 1% is about ten

and the rest, c. 1056, are just fucked. Is that how it works when you remove the 1%?