Jon Corzine Firm, MF Global, Fires Everyone

The firm said its entire workforce of 1,066 employees has been terminated.

Friday, Nov 11, 2011  |  Updated 5:47 PM EDT
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Former New Jersey Governor Jon S. Corzine

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Ex-New Jersey Gov. Jon Corzine's former securities firm, MF Global Inc. says it is terminating its entire workforce of 1,066 employees.

James W. Giddens, the court-appointed trustee for the liquidation of MF Global, said in a statement that the company is dismissing workers in accordance with a bankruptcy court mandate. Between 150 and 200 former employees are being hired to assist with the liquidation and court proceedings.

The firm is under investigation by the Securities and Exchange Commission and the Commodities Future Trading Commission. And NBC New York first reported that the FBI and federal prosecutors have joined the inquiry into the firm.

MF Global declared bankruptcy after losing money on a number of bad bets on derivatives contracts, precipitated by the European financial crisis.

The company did not immediately return a call seeking comment.

It said in a statement that all the employees were notified of their termination Friday. The company said it is working to vacate its headquarters in New York as soon as possible and will close the facility.

The company announced last week that Corzine had resigned as CEO, days after MF Global filed for bankruptcy protection after a disastrous bet on European debt. It was the eighth-biggest U.S. bankruptcy and the first major Wall Street firm to fail because of bets on European debt.

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