MF Global paid bonuses just hours before bankruptcy

[Huey P. Long]

MF Global paid bonuses just hours before bankruptcy
Bonuses were paid to MF Global's UK staff just hours before the company filed for bankruptcy protection in New York.

Tuesday 08 November 2011

Staff are understood to have received quarterly bonuses last Monday. It is not clear whether the bonuses were also received by staff in the US.

The news is likely to anger those MF Global customers who have still been unable to access money they held with the broker.

KPMG, the administrator for MF Global's UK business, has closed less than half of the company's open positions in the past week. The accountancy firm said there were 1.61m open positions when MF Global collapsed on October 31. Yesterday, KPMG said it had managed to close 650,000 of these by Friday.

KPMG also said MF Global UK's entire foreign exchange portfolio had now "been unwound" – representing a "notional value of $60bn (£37.4bn)". The broker's spread betting and contract for difference customer positions have also been closed.

The news follows criticism from some MF Global UK customers, who expressed concern at KPMG's handling of the administration.

full-
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8875239/MF-Global-paid-bonuses-just-hours-before-bankruptcy.html

[closeupready]

1. Of course. Personal responsibility is for poor people only.

:sarcasm:

[Canuckistanian]

2. MFers....

:grr:

[flor-de-jasmim]

3. I just missed getting Diet Coke on my keyboard with that comment!!!

[formercia]

4. "The broker's spread betting."

We all knew that. Wall Street's big Casino.

[dtexdem]

5. Well, in their defense, it would have been much harder to do after the bankruptcy.

;-)

[Huey P. Long]

6. Ba-dum-bump

[spanone]

7. over $600 million 'missing' and no one has been charged with anything