When it comes to MF Global, everyone seems to be levying responsibility against everyone else, but very little seems to actually be getting done. Lawyers, regulators and (some) former employees are still on the prowl for the missing $600 million in customer funds, which appear to have evaporated.
The trustee's office liquidating the broker-dealer fired 1,066 employees last Friday. About 150 to 200 employees will be re-hired so they can help wind down the unit and look for the missing money. Some of those employees have been notified and have accepted their new employment, a spokesperson for the office said.
Meanwhile, the lawsuits are piling up. One group, the Commodity Customer Coalition, a group representing more than 2,500 clients of MF Global's broker-dealer, filed an objection in U.S. bankruptcy court to what it perceives as JPMorgan's trying to lay claim to their assets.
Other lawsuits came from disgruntled MF Global employees who were laid off without requisite 60-day notice. Unfortunately, two of the plaintiffs actually sued the wrong entity, but one of their lawyers informed us they would refile and sue the right one the second time around.
If anything, we're sure Wharton or Harvard Business School will be glad to have found its next case study for Firm Mismanagement 101.
Man of the Hour (WSJ)
Now that Jon Corzine is out of the picture and lawyered up, MF Global's president and chief operating officer Bradley Abelow is stepping into the spotlight.
Partnership Down (DealBook)
Over the past few weeks, more than a dozen partners at Goldman Sachs have said they're planning to leave the firm. The number includes Paul Bernard, co-head of Asia Pacific research, and Jeff Resnick, head of commodity trading.
Viva Italia? (BBC)
Better quell those cravings for pizza and pasta; Italy's no place to be for job hunters these days. Italian bank UniCredit will cut 5,000 staff as part of initiative to cut costs due to the eurozone crisis.
Other Priorities (Bloomberg)
Deutsche Bank Chief Executive Officer Josef Ackermann had wanted to become supervisory board chairman when he abdicates his CEO throne in 2012. Now he says he's just too busy dealing with Europe's debt crisis. Paul Achleitner, the finance head of insurer Allianz SE, will be nominated instead.
Future of Banks (Financial News)
Uncertainty is still the name of the game in banking circles. Financial regulations around the world are causing banks both confusion and angst, but one thing is certain: Headcount reductions are going to continue.
Somewhat Surprising (The Reformed Broker)
First Warren Buffett wanted to increase income taxes for the rich, now he blasts executives who take home giant golden parachutes. What's next, a visit to Occupy Wall Street?
Dream Jobs (WSJ)
Why have pitchbooks when you can have apples? A new survey finds that young professionals want to work at Google, Apple and Facebook in that order, while investment banks dropped lower on the list.
Buzz Around the Office
Michael J. Fox rocks out at the Waldorf-Astoria.
List of the Day: Evaluating Your Career
Make switching to a new job an easier process with these strategies.
1. Solidify your reputation to make sure people are hearing only good things about you.
2. Find a mentor who's willing to broadcast your abilities to the higher-ups.
3. Don't switch jobs for the wrong reasons.
(Source: The Source)