The MF Global Guys Aren’t Going to Jail—They Are Being Paid Bonuses!

I guess this is the new way to run a company, into the ground that is. One must be rewarded for one’s incompetence and greed otherwise the whole system breaks down.

The senior staff at Solyndra just got a bonus so it only makes sense that the big shots at another disaster of crony capitalism, MF Global, get paid too.

Client money was taken to cover bad bets made by the firm and some of that money is still missing. Yet Corzine’s buddies deserve big fat bonuses for some reason.

Gary Weiss at Salon discusses the situation in depth.

“What makes this outrageous is not just the obvious horror, which is that money is going to two executives, Abelow and Steenkamp, who were not only in charge at the time of the mess, but stonewalled Congress about the money, and presumably have some explaining to do in both the criminal and numerous civil inquiries being conducted into the MF Global collapse. Also shocking is that this charade is being played out in bankruptcy court, which has a broad mandate to prevent anyone involved in a bankruptcy from being unjustly enriched. Freeh, as the former federal judge that he is, surely should have known that paying out bonuses to the top execs of the company reeks to high heaven, and has the odor of crony capitalism at its worst.”

Click here for the story.

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