MF GLOBRAL EXECS GET HUGE BONUSES FOR STEALING A BILLION DOLLARS

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Bloomberg: MF Global Holdings Executives to Get Bonuses (for stealing 1.2 billion dollars) If Court Approves

By Tiffany Kary - Mar 10, 2012 12:01 AM ET

The MF Global Holdings Ltd. (MFGLQ) executives who oversaw the company before it failed last year should get bonuses this year if a bankruptcy court approves, said Frank Piantidosi, an adviser working with the trustee,Louis Freeh.   A senator objected to Freeh in a letter.
The compensation packages are still being prepared, and would apply to Chief Operating Officer Bradley Abelow, General Counsel Laurie Ferber and Chief Financial Officer Henri J. Steenkamp, Piantidosi of Freeh Group International Solutions LLC said in an e-mail.

 

Jon S. Corzine, left, former chairman and chief executive officer of MF Global Holdings Ltd., Bradley Abelow, center, president and chief operating officer of MF Global, and Henri Steenkamp, right, the company's chief financial officer, at a Senate Agriculture Committee hearing in Washingtonon Dec. 13, 2011. Photographer: Andrew Harrer/Bloomberg

 

“The value that Brad, Henri and Laurie bring by helping to liquidate and recover assets for the estate outweighs the cost to retain them,” Piantidosi said. It would cost more to replace them with outside consultants less familiar with MF Global’s operations, he said.

PS: NOT A DIME OF THE STOLEN 1.2 BILLION DOLLARS HAS YET BEEN RECOVERED