Bonus's for MF Global Execs ?????

[Anonymous]

Tester: No bonuses for MF Global execs

By TOM LUTEY [email protected] The Billings Gazette | Posted: Monday, March 12, 2012 11:53 am | (6) Comments


...U.S. Sen. Jon Tester, D-Mont., is blasting plans to award bonuses to executives of failed commodities broker MF Global, a firm accused of siphoning more than $1.6 billion from Montana farmers and other customers.


In a letter to bankruptcy trustee and former FBI Director Louis Freeh, Tester called the possibility that Freeh would award bonuses to more than 20 MF Global employees unacceptable. The largest bonuses would be six figures. Freeh is expected to ask a bankruptcy court to approve performance-related bonuses for employees who stayed on to help unwind the company after MF's late October bankruptcy.

MF Global's $41 billion collapse, triggered by bad investments in European sovereign debt, locked 38,000 segregated commodities accounts belonging to farmers and agriculture businesses that traded futures through the company. Federal officials have been unable to find an estimated $1.6 billion in missing money from those accounts, which appear to have been raided. Farmers so far have been assured a return of 72 cents for every dollar lost.

Tester said any money eyed for bonuses should be going to the victims of MF Global's failure. He also called on the Senate Banking Committee to examine the practices leading to MF Global's collapse. He called on the Justice Department to perform a comprehensive investigation. Joining Tester, was Sen. Amy Klobuchar, D-Minn., who said bonuses shouldn't come before all criminal and civil accusations against MF Global are settled and the $1.6 billion missing from customer accounts is recovered.

 

[Faster horses]

Bonuses for going bankrupt? What is this country coming to?
Common sense is getting more uncommon all the time. :x

Good for Tester.

 

[Tam]

http://www.youtube.com/watch?v=N_4OYwetMNw

Do you really think the Democraps are going to examine the practices leading to MF Global's collapse? :roll:

 

[Steve]

Louis Joseph Freeh was the 5th Director of the Federal Bureau of Investigation, serving from September 1993 to June 2001.

He acquired Italian citizenship on October 23, 2009.

maybe he is going to get a payoff and retire?

 

[okfarmer]

What in world does the FBI have to do with asking for bonuses for anything or anyone?

OT, isn't the FBI part of the big government responsible for oversight of corruption and such?

Yet, they are the ones asking for tax money to pay bonuses for a corrupt company?

Under who's watch are they currently?

Wake me up when the big government regulatory, and oversight people start overseeing and paying their way.

So far I see tax dollars being wasted, given to people involved with corrupt corporations, tax dollars being wasted on paying FBI agents to come up with this idea and time involved with implementing it, and tax dollars being wasted on paying members of congress and all that will go into oppossing the fraud that never should have been considered in the first place.

Bigger the government, Bigger the corruption, and waste.

 

[Anonymous]

What in world does the FBI have to do with asking for bonuses for anything or anyone?

OT, isn't the FBI part of the big government responsible for oversight of corruption and such?

Yet, they are the ones asking for tax money to pay bonuses for a corrupt company?

Under who's watch are they currently?

Wake me up when the big government regulatory, and oversight people start overseeing and paying their way.

So far I see tax dollars being wasted, given to people involved with corrupt corporations, tax dollars being wasted on paying FBI agents to come up with this idea and time involved with implementing it, and tax dollars being wasted on paying members of congress and all that will go into oppossing the fraud that never should have been considered in the first place.

Bigger the government, Bigger the corruption, and waste.

Freeh isn't with the FBI anymore-- and since he was also a Federal Judge he was apparently appointed by the Bankruptcy Court to be the bankruptcy trustee in this issue... He is acting in the Trustee position..

In a letter to bankruptcy trustee and former FBI Director Louis Freeh, Tester called the possibility that Freeh would award bonuses to more than 20 MF Global employees unacceptable.