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Economy
MF Global Lays Everybody Off, Rehires a Few
2011-11-12
A futures exchange that handled trades by failed broker MF Global
Run by Jon Corzine, Democrat. Don't forget to mention that, since the MSM never will again...
said Friday that it will cover as much as $300 million to help speed the release of funds frozen since the firm filed for bankruptcy protection. CME Group's announcement that it will provide a "financial guarantee" to the trustee overseeing the liquidation of the brokerage unit of MF Global followed the trustee's disclosure that he fired all of the unit's 1,066 employees.

MF Global collapsed after making a disastrous bet on European debt. The company traded derivatives contracts whose value was based on the value of an underlying asset, like interest rates, oil prices or currency rates. It filed for bankruptcy protection on Oct. 31. MF Global was one of the biggest players in the derivatives market.

Regulators are investigating whether the firm used money from clients' accounts as its own financial condition worsened. That would be a violation of securities rules.
Wouldn't those "securities rules" overlap the law about fraud? Fiduciary responsibility?
Earlier Friday, James W. Giddens, the trustee in the case, said in a statement that he cut MF Global workers in accordance with a bankruptcy court mandate. Between 150 and 200 former employees are being re-hired to assist with the liquidation and court proceedings.
Posted by:Bobby

#2  Interesting how the source article never lists the word "fraud".
Posted by: Anguper Hupomosing9418   2011-11-12 13:12  

#1  MSM in "whos that party?"
Posted by: Bright Pebbles   2011-11-12 10:55  

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