MF Global files for bankruptcy

The weekend long marathon to save MF Global has ended in bankruptcy and some odd events.

First, it is being reported that, "CME’s acting like the MF Global thing just happened.  They’re haphazardly locking traders out who clear with MF, blocking access to the floor of not just MF Global employees but people who clear through them.  As a result, nobody wants to leave the floor and nobody who still has access wants to trade just to get locked out."


That's not very nice.


John Corzine (we all know him politically or financially and as the CEO of MF Global) apparently is getting a $12 million dollar plus severance package, which can't be delivered in case of bankruptcy, but if a low ball deal is struck with a goldman or interactive brokers, Corzine gets the money and the low ball bidder gets the company at a DEEEEEEP discount. I would expect some investigations to come out of this one, especially considering GS ties to MF.


In Bankruptcy documents MF owes CNBC over $845,000. It should b noted that there were a lot of guests on CNB last week saying MF is fine, including Dick Bove who upgraded Lehman Brothers a few days before their bankruptcy.


You can do the research if you like, but something smells a bit fishy.