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MF Global Friday: Exec Pay Surprise

CME defends its post MF Global actions, Corzine got a check and a Senator calls for change at the CFTC.

Published on: May 25, 2012

We start off this roundup with news that as the walls were crumbling down around employees, at least some folks were getting a check. According to a Reuters report that Jon Corzine, former head of MF Global walked away with an $8 million paycheck before the walls came tumbling down.

The report says Corzine earned $3 million in cash and the rest in stock options - which are probably worth nothing. The filing showed that was his pay from November 2010 through October 28, 2011.

The proceedings on this case, which have dragged on since the bankruptcy October 31, 2011, may have gotten a boost when former customers asked that the case be streamlined. Get the rest of the story.

CME defends its post MF Global actions, Corzine got a check and a Senator calls for change at the CFTC.
CME defends its post MF Global actions, Corzine got a check and a Senator calls for change at the CFTC.

Defending Actions

CME Group, the worldwide organization that manages key markets, is defending itself in the wake of the MF Global scandal during a shareholder meeting. The organization says that it acted properly and in accordance with bankruptcy laws. In a MarketWatch report, the organization defended itself to shareholders, during a meeting this week.

When it went belly up, MF Global was considered a firm it good standing by CME. Learn more here.

Heads to Roll?

At least one Senator is calling for a change in leadership at the Commodity Future Trading Commission. According to a report from the Billings Gazette, Sen. Jon Tester, D-Mont., wants Gary Gensler, chairman of CFTC, removed from the position in the wake of the MF Global scandal.

Tester says that the commission was "asleep at the switch" in this scandal. Check out the complete story. Tester is also calling for hefty punishment for those involved in the bankruptcy. When MF Global went into bankruptcy it has lost $1.6 billion of customer funds. The debacle has called into question the safety of customer money in brokerage accounts.