Posts Tagged ‘pyramis global advisors’

MF GLOBAL  BANKRUPT: WHO ACTUALLY ARE THE LOSERS ?

Thank  heavens MF GLOBAL is  considered too little to fail with a “little” $50 Billion loss  portfolio- so we as taxpayers dodged another bullet …

MF Global today filed for bankruptcy protection, after a weekend dash to sell the company ended short of the finish line.

Here are the people or groups that stand to lose big from MF Global’s bankruptcy:

However, Corzine ended up with more than a $3.1 MILLION salary for failing;

HOW DO THESE WALL STREET INSIDER GUYS DO THAT ? Every company I have worked for fores you if you do not make your goals..

Shareholders: Typically when a company goes through bankruptcy protection, its common shares end up worthless. These are the largest holders of MF Global common stock, according to MF Global’s documents filed with a bankruptcy court:

1) Fidelity’s Pyramis Global Advisors, 13.9 million shares or 8.44% of common stock

2) Guardian Life Insurance Co. of America, 12.9 million common shares, or 7.8%. (A spokeswoman said Monday that Guardian’s RS Investment Management has sold its stake in MF Global.)

3) Fine Capital Partners, 21.5 million shares, 7.37% *(This appears to be a typo in MF Global’s filing. In a recent SEC filing, Fine Capital reporting owning 12.16 million shares, for a 7.4% stake in MF Global.)

4) Cadian Capital Management, 10.2 million shares, 6.17%

5) TIAA-CREF, 9.5 million shares, 5.77%- THE TEACHERS/ EDUCATORS PENSION FUND – OMG the poor teachers

fund always finds a way to pick a bad investment.

John Corzine swept in last year to lead MF Global, and he had ambitions to remake the company in the image of his former company, Goldman Sachs.

Over the summer, bond investors apparently thought highly enough of Corzine that theydemanded a richer payout from MF Global if Corzine left the firm for a high-ranking government job. Today, such a “key man” clause seems like an antique.

Howeve, Corzine  is still richer that Croesus; Corzine  will just not mak AS MUCH after the MF Global bankruptcy filing. Corzine’s compensation last year was $14.2 million, including stock options MF Global valued at $11.1 million. Those options pay off at a share price of $9.25, which means they are very likely to be worthless now.

My math says he made $ 3.1 MILLION -last year –  I could handle that.

Not many of us made $3.1 MILLION last year.

OCCUPY WALLSTREET – how many famlies could eat on the $3.1 Million Corzine made?

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