MF Global paid Corzine $8 million in year before collapse

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Former MF Global Holdings Ltd chief Jon Corzine received more than $8 million in pay and stock options from the futures brokerage in the year before it went bankrupt.

Corzine's pay along with that of other former MF Global executives was listed in a court document filed on Friday by Louis Freeh, the trustee unwinding the company's bankrupt estate.

Corzine, a former Goldman Sachs chief and New Jersey governor, was paid $3 million in cash, the filing showed, as well as $5.35 million in stock options, which are likely now worthless. The filing showed his pay between November 2010 and October 28, 2011.

MF Global declared bankruptcy on Oct. 31, 2011, amid a liquidity crunch prompted by worries over the company's $6.3 billion bet on European sovereign debt.

A coalition of former MF Global customers last week asked that the case be streamlined and sped up to cut down on fees charged by the legal team winding down the estate so that the customers receive more. [ID: nL1E8GIAE0]

It took more than six months for Freeh to file Friday's MF Global financial data containing Corzine's pay.

The bankruptcy is In re MF Global Holdings Ltd, U.S. Bankruptcy Court, Southern District of New York, No. 11-15059

The broker-dealer liquidation is In re MF Global Inc, U.S. Bankruptcy Court, Southern District of New York, No. 11-2790.

 



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Jack    
East Coast  |  May, 23, 2012 at 09:18 AM

This is criminal: getting paid to make stupid risky bets with investor [including cattle producers] money and still walk away smelling like a rose. When will our politicians wake up and see this type of activity for what it really is, 21st century financial terrorism. The only reason Corzine isn't locked behind bars is because he is a big fund-raiser for the President.

Roger Herman    
MN  |  May, 23, 2012 at 10:50 AM

Not likly that are politicians are going to do much, as they couldn't agree on anything, except their next pay raise. Its too bad the top CEO's always walk away and again it's the common joe who gets burned by the unethical actions of large, too big not to bail out, companies.


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