Friday, March 9, 2012

MF Global Still Set to Pay Bonuses to Top 3 Executives

There is something morally unconscionable about dishing out hundreds of thousands of dollars in MFG exec bonuses when clients who were stolen from have not been made whole.  We wonder how SD reader Andy, who is STILL owed $140,000 from MF Global feels about 3 top MFG execs being paid several hundred k each for their 'assistance' in the bankruptcy liquidation.

MF Global Still Set to Pay Bonuses
Executives Helping Trustee in Wake of Firm's Collapse Could Get Hundreds of Thousands of Dollars
Three top executives of MF Global Holdings 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.

Louis Freeh, the former Federal Bureau of Investigation director now in charge of unwinding what is left of the New York company, is expected to ask a bankruptcy-court judge as soon as this month to approve performance-related payouts for the chief operating officer, finance chief and general counsel at MF Global. All three executives kept their jobs after the company’s Oct. 31 failure in order to help Mr. Freeh untangle the firm’s assets and maximize payouts to creditors.
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