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MF Global paid Corzine $8 million in year before collapse
May 22, 2012 / 2:40 AM / 6 years ago

MF Global paid Corzine $8 million in year before collapse

(Reuters) - Former MF Global Holdings Ltd chief Jon Corzine received more than $8 million in pay and stock options from the futures brokerage in the year before it went bankrupt.

Former MF Global CEO Jon Corzine testifies before a House Financial Services Committee Oversight and Investigations Subcommittee hearing on the collapse of MF Global, at the U.S. Capitol in Washington, December 15, 2011. REUTERS/Jonathan Ernst

Corzine’s pay along with that of other former MF Global executives was listed in a court document filed on Friday by Louis Freeh, the trustee unwinding the company’s bankrupt estate.

Corzine, a former Goldman Sachs chief and New Jersey governor, was paid $3 million in cash, the filing showed, as well as $5.35 million in stock options, which are likely now worthless. The filing showed his pay between November 2010 and October 28, 2011.

MF Global declared bankruptcy on October 31, 2011, amid a liquidity crunch prompted by worries over the company’s $6.3 billion bet on European sovereign debt.

A coalition of former MF Global customers last week asked that the case be streamlined and sped up to cut down on fees charged by the legal team winding down the estate so that the customers receive more.

It took more than six months for Freeh to file Friday’s MF Global financial data containing Corzine’s pay.

The bankruptcy is In re MF Global Holdings Ltd, U.S. Bankruptcy Court, Southern District of New York, No. 11-15059

The broker-dealer liquidation is In re MF Global Inc, U.S. Bankruptcy Court, Southern District of New York, No. 11-2790.

Reporting by Basil Katz; Editing by Ryan Woo

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