How is this the D's fault? This is a wall street issue. Its a dumb statement. This comes down to the rich and the poor not D's and R's. Rich people don't want to make small amounts of safe money because there is no point in working than. When they take a big risk they are the only ones who profit. When they are wrong the average worker loses his job but the rich guy still has his personal wealth.
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MF Global Inc.âs 1,066 Brokerage Employees Fired
- Thread starter ASusilovic
- Start date
How is this the D's fault? This is a wall street issue. Its a dumb statement. This comes down to the rich and the poor not D's and R's. Rich people don't want to make small amounts of safe money because there is no point in working than. When they take a big risk they are the only ones who profit. When they are wrong the average worker loses his job but the rich guy still has his personal wealth.
Quote from Occam:
I hope you're being sarcastic, because your comments would seem really unfair and cruel otherwise -- there are/were a lot of hard-working and honest people at MF Global. It was not a bucket shop.
Didn't know you work for a broker.
Hardworking? agree. Brokers are very hard working in doing these: front-run traders, co-locate servers, collaborate with exchanges, sell traders orders, internalize traders' orders......... Oh, Corzine stole traders' money directly.
Honest? NO WAY! Honest and broker are two words that do NOT go together.
You brokers hate traders, despise traders, scorn traders..... Everybody knows what a broker said about a trader: A trader is a terminally ill patient to a broker; a broker takes care of the patient until he dies--runs out money.
The Trustee should completely clean house. Don't pay and hire anyone back to do any work relating to the MF liquidation. No need to let any foxes in the hen house.
If the trustee needs any info, logins, passwords, accounting explanations they can sue the employees individually for fraud and let them pay for the all of the costs associated with recovering any money.
Hiring back 200 employees for the 2 years it will take to unwind this mess will not only give them an opportunity to cover up any wrong doing but will cost the claimants 10's of millions of additional dollars to recover funds these very fools had misappropriated.
MF Global and each of their employees were Trustees over their client funds and are jointly and severally liable for any shortage. If MF doesn't have the funds then each employee regardless of position / involvement / title have to contribute from personal assets to make them all whole... claw backs etc. This isn't limited to the funds missing but would include all costs, interest and damages until all claims are fully and finally settled.
If the Trustee hires and employs any of these fools they would be issuing a release from all claims and indemnity from the trust which would bring a claims of malpractice, breach of fiduciary duty and self dealing against the trustee.
The trustee should ask the court to create a constructive trust around all assets of MF global and the personal assets of their directors, officers and employees until all matters are fully settled.
If the trustee needs any info, logins, passwords, accounting explanations they can sue the employees individually for fraud and let them pay for the all of the costs associated with recovering any money.
Hiring back 200 employees for the 2 years it will take to unwind this mess will not only give them an opportunity to cover up any wrong doing but will cost the claimants 10's of millions of additional dollars to recover funds these very fools had misappropriated.
MF Global and each of their employees were Trustees over their client funds and are jointly and severally liable for any shortage. If MF doesn't have the funds then each employee regardless of position / involvement / title have to contribute from personal assets to make them all whole... claw backs etc. This isn't limited to the funds missing but would include all costs, interest and damages until all claims are fully and finally settled.
If the Trustee hires and employs any of these fools they would be issuing a release from all claims and indemnity from the trust which would bring a claims of malpractice, breach of fiduciary duty and self dealing against the trustee.
The trustee should ask the court to create a constructive trust around all assets of MF global and the personal assets of their directors, officers and employees until all matters are fully settled.
Quote from beachhouse:
Didn't know you work for a broker.
Hardworking? agree. Brokers are very hard working in doing these: front-run traders, co-locate servers, collaborate with exchanges, sell traders orders, internalize traders' orders......... Oh, Corzine stole traders' money directly.
Honest? NO WAY! Honest and broker are two words that do NOT go together.
You brokers hate traders, despise traders, scorn traders..... Everybody knows what a broker said about a trader: A trader is a terminally ill patient to a broker; a broker takes care of the patient until he dies--runs out money.
I've never worked for a broker.
Your criticisms have varying amounts of relevance for a lot of fims, but MF Global didn't internalize (at least not in the sense of retail firms), and at the ground level a lot of the employees did serve their customers well and take their needs seriously.