Today is the last day that 1,066 MF Global employees will be salaried, after the mass layoff was announced last Friday.It is also the day the MF Gobal COO Bradley Abelow will start working for the bankrupt firm for a drastically lower paycheck.
According to an SEC filing posted today, Abelow and MF Global board members agreed to a pay cut of about 96%.
Abelow’s original base pay was $1.5 million, he is now working for $60,000. That’s about slightly less than a home economics teacher in the New York City region makes in a year.
And to add insult to injury — according to MF Global’s most recent proxy statement, Abelow’s original salary would have been $4.5 million total, with bonuses and stock options.
How the mighty have fallen.
Note: Our teacher salary figure comes from the Bureau of labour Statistics.