MF Global's UK Staff Might Have Received Bonuses Hours Before Bankruptcy
Employees of MF Global's British offices may have received their quarterly bonuses last Monday, just hours before MF Global filed for chapter 11 bankruptcy in New York, The Telegraph is reporting.
It's an interesting development—because last Monday, Robert Preston at the BBC reported very early in the morning that London employees had been sent home. Maybe they were sent home with their bonuses?
It is unclear whether US employees had also received bonuses, though this seems rather unlikely from MF Global's chaotic last hours that Monday morning.
MF Global's bankruptcy was announced at around 10:30 a.m. EST last Monday - that was 2:30 p.m. London time. (England is usually five hours ahead of the US—but their daylight savings time occurs one week before the U.S., so London was only four hours ahead last Monday)
This news could add fire to the anger brewing among MF Global clients—some 50,000 accounts - who're still trying to get their money back after having their money frozen last week when the firm filed for bankruptcy. Yesterday, it was reported that over half of MF Global's 1.6 million open positions for UK clients still remained open as KPMG, the administrator for the UK operation, scrambled to close them.
Also—that $600 million of customer funds is still missing.
This story originally appeared on Business Insider
Read more from Business Insider:
» Famous Bettor Against Subprime Kyle Bass Now Has A Big Stake In A Mortgage Insurer
» Hey Quants! Hedge Funds And Banks Will Fight For You In Bidding Wars And The Winner Will Be...
» Nassim Taleb: The Bank Business Model Is A Compensation Scheme And Nothing Else
» Former Executive Calls Lloyds A 'Cruel Experiment In The Psychology Of Stress'
Questions? Comments? Email us atNetNet@cnbc.com
Follow NetNet on Twitter @ twitter.com/CNBCnetnet
Facebook us @ www.facebook.com/NetNetCNBC