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MF Global brokerage clients in limbo
Regulations allowed MF Global to use funds in the segregated accounts for certain investments only, with the CME performing audits to check that the invested funds met segregation requirements. CFTC rule 1.20 says, “All customer funds shall be
Updated: 11/11/2011 12:50P
'Richest man in Ireland' files for bankruptcy
DUBLIN — A tycoon once thought to be Ireland's richest man filed for bankruptcy Friday, ending a two-year descent into financial ruin sparked by the entrepreneur's high-risk gambles during the economic crisis. Sean Quinn, worth a reputed 4.7 billion
Updated: 11/11/2011 12:46P
Ireland's former richest man declares bankruptcy
Quinn, 64, developed a quarrying operation in the northern county of Fermanagh in 1973 into a global organization with insurance and property interests. He amassed a fortune of 4 billion euros ($5.4 billion), before investing massively in the now
Updated: 11/11/2011 12:45P
MF Global Fires All Of Its Employees
(Photo by Mario Tama/Getty Images) NEW YORK (CBSNewYork/AP) – Defunct trading company MF Global Inc. says it is terminating its entire workforce of 1066 employees a week after filing for bankruptcy protection. The company said Friday it is dismissing
Updated: 11/11/2011 12:44P
MF Global fires its entire work force of 1066
The company said Friday it is dismissing workers in accordance with a bankruptcy court-mandated liquidation. Between 150 and 200 former employees are being hired to assist with the liquidation and court proceedings. MF Global declared bankruptcy after
Updated: 11/11/2011 12:44P
MF Global's past riddled with risk, lax oversight
In several lawsuits, trustees of failed businesses that traded through MF Global have also alleged lax oversight at the brokerage. Among them is a lawsuit involving Nicholas Cosmo, a Long Island financial manager dubbed “mini-Madoff.
Updated: 11/11/2011 12:43P
Irish tycoon Sean Quinn declares bankruptcy
A man who was once the richest man in Ireland declared bankruptcy on Friday, undone by a bad bet on heavily indebted Anglo Irish Bank. Sean Quinn made his fortune by founding a quarrying firm in Fermanagh in the 1970s. Over the next several decades,
Updated: 11/11/2011 12:42P
MF Global Inc. Fires 1066 Employees Without Severance
The 165 layoffs were spread across IT, finance, human resources and other back-office staff. Jobs at the broker-dealer are being eliminated after the parent company, MF Global Holdings Ltd., declared bankruptcy Oct. 31 under Chapter 11 of the US
Updated: 11/11/2011 12:10P
Don't worry over largest ever muni bond default
Jefferson County Commission president David Carrington signs the Chapter 9 bankruptcy papers in his office on Nov. 9, 2011, at the Jefferson County Courthouse in Birmingham, Ala. (AP Photo/The Birmingham News, Joe Songer) Alabama's most populous county
Updated: 11/11/2011 11:55A
Lehman Brothers Bankruptcy Court denies enforcement of triangular setoff
In SemCrude, the United States Bankruptcy Court for the District of Delaware (the Delaware Bankruptcy Court) held that such setoffs are unenforceable under section 553 of the Bankruptcy Code because they lack the requisite mutuality.
Updated: 11/11/2011 11:55A
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