09 March 2012

MF Global Trustee Freeh Asks Court to Pay MF Global Executive Bonuses

The entitlement of the financial class is the gift that keeps on giving.

And as for the customers? They are being asked to surrender their legal rights in order to receive partial payments.

Let them eat...er, is that even cake?

MF Global Still Set to Pay Bonuses
March 9, 2012

Three top executives of MF Global Holdings Ltd. when it collapsed could get bonuses of as much as several hundred thousand dollars each under a plan by a trustee overseeing the securities firm's bankruptcy case, people familiar with the matter said.

Louis Freeh, the former Federal Bureau of Investigation director now in charge of unwinding what is left of the New York company, is expected to ask a bankruptcy-court judge as soon as this month to approve performance-related payouts for the chief operating officer, finance chief and general counsel at MF Global, these people said. All three executives kept their jobs after the company's Oct. 31 failure in order to help Mr. Freeh untangle the firm's assets and maximize payouts to creditors.

Under the expected pay plan, the three executives and as many as 20 other MF Global employees working for Mr. Freeh would get the bonuses only if they hit specified targets such as increasing the value of MF Global's estate for creditors (led by JP Morgan - Jesse) ...

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