Top MF Corzine Execs Could Receive Huge Bonuses

Posted by on Mar 09, 2012 at 11:46 am

You remember top Obama bundler Jon Corzine, right? Most people–well, the media at least–have forgotten about him. His name would be at the top of the nightly news on a regular basis if he were a Republican. But he gets a free pass since his ties to Obama are just too inconvenient to mention.

Anyway, as investigators try to unravel the mess left by Corzine, it turns out several top executives at his belly-up brokerage firm stand to rake in some hefty bonuses. Where are the Occupy Wall Street clowns when you need them?

Three top executives at failed brokerage firm MF Global Holdings could be in line for bonuses of up to several hundred thousand dollars each under a plan by a trustee overseeing bankruptcy proceedings, people familiar with the matter told The Wall Street Journal Friday.

Louis Freeh, the former FBI 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, sources said.

All three executives kept their jobs after the company’s Oct. 31 collapse in order to help Freeh unwind the firm’s assets and maximize payouts to creditors, the WSJ added.

Under the plan, the three executives and as many as 20 other MF Global employees working for Freeh would get the bonuses only if they hit specified targets such as increasing the value of MF Global’s estate for creditors, according to the sources.

They’ll probably wind up funneling the bonuses to the Obama 2012 campaign.

Tags: , ,

2 Responses to “Top MF Corzine Execs Could Receive Huge Bonuses”

  1. Blue Hen on 9/09/12 at 12:31 pm

    Cue nancy pelosi to condemn speculators and wall street interests (besides herself and her husband).