Despite decimating the company, had CEO Jon Corzine succeeded in selling the derivatives broker-dealer to a third-party, he would have been entitled to a $12.1 million severance package, according to the terms of his employment contract. Ironically, thanks to the last Republican in the White House, George W. Bush, Corzine is unlikely to receive any going-away gifts.
Can the former Governor and Senator from New Jersey count on Democratic allies in the White House to bail him out of this debacle?
Read more at 24/7 Wall Street: MF Global and Corzine’s Folly
David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.