Senators Want MF Bonuses Stopped
The leaders of the Senate Ag Committee, Senators Debbie Stabenow and Pat Roberts, have introduced a resolution opposing bonuses for MF Global executives. Chairwoman Stabenow says – it’s absolutely outrageous to suggest that bonuses should be paid to the same people who were in charge when the company went bankrupt and lost its customers’ money.
Roberts says, – this unprecedented loss of segregated customer funds may well have occurred at the direction of MF Global officials. Any recovered funds should go to customers instead of winding up in the hands of those who mismanaged the funds in the first place.
Louis Freeh, the trustee overseeing the bankruptcy of MF Global Holding Ltd, may submit a plan in the coming weeks asking a bankruptcy judge to pay bonuses to top MF Global executives—even though the company is now bankrupt and thousands of its customers’ dollars are still missing.