Friday, March 9, 2012

MF Global Mafia Heist Continues as Execs get Bonuses? - YouTube

MF Global Mafia Heist Continues as Execs get Bonuses? - YouTube: MF Global Mafia Heist Continues as Execs get Bonuses?

MF Global, Jon Corzine's firm that went belly up becoming the 8th largest bankruptcy in the US with a reported $1.6 billion in customer money still missing amidst allegations it was stolen by the firm, is reportedly still set to pay out bonuses to executives. According to a report from the Wall Street, "three top executives of MF Global holdings ltd. when it collapsed could get bonuses of as much as several hundred thousand dollars each under a plan by a trustee overseeing the securities firm's bankruptcy case." The COO, finance chief, and general counsel will reportedly be rewarded for helping to maximize payouts to creditors, you know, big banks like JP Morgan. It's all too familiar...looking back there are plenty of headlines to the effect of AIG bonuses deemed "outrageous" but legal". After receiving $180 billion in taxpayer money, AIG gave out a billion dollars in bonuses. And one of arguably the most dubious characters in charge of the division largely responsible for driving the company into the ground pocketed more than $300 million dollars and was kept on retainer for $1 million after the collapse. So we keep seeing the least moral and most irresponsible (arguably criminal) getting the biggest payouts while taxpayers or customers have their money taken. The question is when is it ever going to stop.

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