As widely expected MF filed for bankrupcy. What this means for there assets is not yet known, as rumoured bidder Interactive brokers is understood to have bailed out of the running.
But whilst many traders have been affected myself included, those at the top will have a little to smile about. Based on the MF Global Proxy statement filed in August 2011, there are rumors that the now defunct Primary Dealer will pay Jon Corzine a severance of $12.1 million. Just liek Dick Fuld paid his execs 100 million just before Lehamn went down, its utter crap but its the way it works at the top.
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