» Some found out via media reports: You know what sucks more than getting laid off from your job because your boss (Jon Corzine, who stepped down from the troubled company last week) made a stupid bet on the Euro zone debt crisis and lost, badly? Finding out that you’re getting laid off via news story, rather than through your own company. “We were well into the process of notifying employees and were attempting to personally reach as many employees as possible when the release went out,” noted Kent Jarrell, a spokesperson for James Giddens, the trustee charged with liquidating the company. A number of MF Global employees — none speaking publicly — reported finding out this way.
Reports of short falls of client money … if true would be a disaster for all the smaller brokers and banks as nobody will trust them anymore.A trader based out of London • Discussing the situation with MF Global, a financial firm hard hit by the Euro debt crisis, which apparently failed to keep customer money separate from the firm’s own accounts. The company, led by former Goldman Sachs leader and ex-New Jersey Gov. Jon Corzine (great combination), is raising the spectre of some if the 2008 financial crisis gunk — remember Lehmann Bros.? Let’s hope they can get this settled and — most importantly — customers can get their money out. source (via • follow)