Obama Crony Corzine’s Trustee Fires 1,000 Workers at MF Globals Broker Dealer – The Destruction of the Nation

Just two weeks after MF Global filed for Chapter 11 bankruptcy, the trustee overseeing the failed futures brokerage disclosed plans on Friday to fire all of its broker dealer employees as it liquidates the business.MF Global filed for the eighth-largest bankruptcy in U.S. history on October 31 after suffering a run on the bank caused by massive bets totaling $6.4 billion on risky euro-zone sovereign bonds. Led by former Goldman Sachs GS: 101.65, +2.15, +2.16% CEO Jon Corzine, MF Global has been criticized for being overleveraged and making undiversified bets.

A last-minute sale that would presumably have saved many of MF Global’s jobs was scuttled by the emergence of more than $600 million in missing client funds. Federal regulators have since opened an investigation into the missing funds and Corzine, the former governor of New Jersey, resigned and retained legal counsel.

The trustee said about 17,000 customer account positions and approximately $1.5 billion in customer funds have been transferred to other future commodities merchants so far. It also said it has retained Ernst & Young forensic accounts.

via Trustee Fires 1,000 Workers at MF Globals Broker Dealer | Fox Business.

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