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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: tonto who wrote (133247)	5/21/2012 12:57:59 PM
From: Hope Praytochange	2 Recommendations Read Replies (1) \| Respond to of 224710

MF Global's Corzine Got $8.4 Million in Year Before Collapse By PATRICK FITZGERALD Former MF Global Holdings Ltd. MFGLQ 0.00%Chief Executive Jon S. Corzine received more than $8 million in cash and stock options in the months leading up to the brokerage's collapse, according to recently filed bankruptcy documents. Mr. Corzine, a former New Jersey governor and co-chairman of Goldman Sachs Group Inc., GS +0.37%received a bonus $1.25 million in addition to his salary of about $1.8 million last year. He also was awarded $5.35 million in now-worthless stock options. Mr. Corzine resigned from MF Global last fall, just days after the brokerage's collapse over its losing bets on European sovereign debt. Other MF Global insiders, including Chief Operating Officer Bradley Abelow, also saw big pay days. Mr. Abelow, who is still working at the firm, was paid $2.7 million in cash, including a $1.25 million bonus, plus restricted stock valued at $1.5 million. Neither Mr. Corzine's lawyer, Andrew Levander, nor Mr. Abelow's lawyer, Gary Naftalis, could be reached for comment. The information was disclosed by Louis Freeh, the former director of the Federal Bureau of Investigation and the trustee for MF Global Holdings, in the schedules of assets and liabilities and statements of financial affairs for MF Global and a number of affiliates in Chapter 11. However, the financial information for one debtor, MF Global Holdings USA Ltd., which was an important back office and intercompany transfer processor for the MF Global group of companies, wasn't included in the filing. Mr. Freeh is winding down the holding company separately from MF Global's brokerage, which is being administered by trustee James Giddens in accordance with the Securities Investor Protection Act. Creditors of the holding company had long clamored for the information from Mr. Freeh as they watched Mr. Giddens return money to MF Global's brokerage customers. Mr. Giddens has returned more than $4 billion to customers, while the holding-company creditors have yet to see a recovery. Meanwhile, lawmakers in Washington have held numerous hearings looking into MF Global's collapse. Sen. Jon Tester, the Montana Democrat, recently said "people need to go to jail" after some $1.6 billion in customers' funds went missing when the brokerage failed. Several agencies—the FBI, the Commodity Futures Trading Commission, the Securities and Exchange Commission, and the Justice Department—as well as Messrs. Freeh and Giddens are all actively investigating the collapse of MF Global.