MF Global Cans 1,066 Employees

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The other shoe dropped in the MF Global bankruptcy after the company fired 1,066 of its employees today. The massive layoffs were an inevitability, writes Michael J. de la Merced at the The New York Times' DealBook blog. "The news is unsurprising,'" he says. "Since MF Global filed for bankruptcy on Oct. 31, its core broker-dealer unit has begun the slow process of liquidating itself." What may be surprising to outsiders is how the now ex-employees are getting shortchanged. "None of the laid-off employees will get severance pay, deferred compensation or bonuses," Julie Steinberg writes for FINS. The two bones they've been thrown: getting paid until November 15 and getting to keep their health care until the end of the month. So basically those canned 1,066 are in the same boat as Jon Corzine, who declined a $12.1 million severance package when he resigns as the company's CEO. We'd say that Corzine, being filthy rich, is in a better position to turn down that kind of money to save face, but apparently MF Global's demise and legal battles have made him "worth far closer to $1 million than he is to $1 billion," Fox Business speculates.

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