MF Global
MF Global (formerly Man Financial ) was one of the largest global financial companies and one of the largest derivatives brokers . MF Global was floated on the stock exchange in July 2007 as a spin-off of the Man Group as an independent company . At the beginning of November 2011 it had to file for bankruptcy. The financial group had speculated on European government bonds and embezzled around US $ 700 million in customer funds. On February 10, 2012, trustee James Giddens announced that the gap between the assets he controls and the presumed claims of customers is € 1.2 billion (US $ 1.6 billion). This was the eighth largest bankruptcy in US history and the largest since the bankruptcy of Lehman Brothers in 2008. Investors want to sue the head of the company, Jon Corzine, for deceiving investors.
On November 11, 2011, the company announced that all approximately 1,000 employees would be laid off and then 100 to 200 of them would be reinstated for bankruptcy processing.
According to an analysis by the financial information service Thomson Reuters , the case of MF Global shows that the financial markets, led by Wall Street, have developed into an " uncontrolled pyramid scheme" that allows "unlimited juggling with customer funds".
See also
Individual evidence
- ↑ MF Global admits illegal access to customer funds , ZEIT ONLINE, November 2, 2011
- ↑ MF Global is missing more money than expected. In: Handelsblatt . Retrieved February 12, 2012 .
- ↑ MF Global bankruptcy - Investor sued CEO Corzine , Spiegel online, November 4, 2011
- ↑ nachrichten.ch, accessed November 12, 2011
- ↑ Rainer Sommer: MF Global bankruptcy exposes the London financial center as rotten , article from December 10, 2011 in the Telepolis portal , accessed on December 11, 2011