Julie Steinberg at FINS Finance just reported a bizarre tale of “sweet revenge” concerning former MF Global employees.From FINS:
At a post-Christmas party Dec. 29, former employees took turns smashing a star-shaped pinata with pictures of Corzine taped on it, according to people who attended the party. Unfortunately, those looking for the missing $1.2 billion in customer funds came up empty-handed: When the pinata broke open, all it contained was slips of paper with “IOU” written on them.
After MF Global filed for bankruptcy Oct. 31 last year, almost all of its employees in the U.S. brokerage operations—about 1,066—were fired by MF Global trustee James Giddens in November without warning. Several former employees sued the firm alleging that they broke New York labour laws by not giving them proper notice.
Looks like there’s definitely some excess anger that needs to be released.