New York – Defunct trading company MF Global Inc. says it is terminating its entire workforce of 1,066 employees.
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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.
Last one out shut the lights. ?Is this so different from the Penn State scandal where people who should have known better kept their eyes shut and their mouths closed? Now, instead, over 1,000 good jobs are lost and $ 600,000,000 is missing and over $ 4 billion may just be gone. How can we continue to look away from corruption and how can we not hold feet to the fire those powerful individuals who are responsible.
I guess Corzine is now qualified to work for our government.
1066 is a number (year) famous for another reason. Norman conquest of England. So we have two associated falls.
Just imagine how the local media was once pushing Corizine to run for PRESIDENT.
It’s unbelievable what happened over at MF Global! And has anybody even seen or heard from John Corzine since all of this stuff went down?! I heard that he moved a ton of money RIGHT before this happened… tsk tsk
he already was governor of new jersey
Three cheers for deregulation! Three cheers for ZERO oversight of our financial institutions! WOO HOO! (sarcasm obviously intended).