MF Global employees learn through the media that they've been F'ed

[marmar]

(Bloomberg) Some MF Global Inc. employees fired in New York and Chicago learned of their fate from news reports that the trustee liquidating the broker-dealer had decided to terminate all 1,066 of them, according to three people familiar with the matter.

Trustee James Giddens distributed a statement yesterday announcing the firings at the unit of bankrupt MF Global Holdings Ltd. It was reported by the news media before many employees were notified, said one person familiar with the release who asked not to be identified because they weren’t authorized to speak publicly about it. Two employees who declined to be named because they said it may damage their job prospects also said they heard of the firings through the media.

“We were well into the process of notifying employees and were attempting to personally reach as many employees as possible when the release went out,” said Kent Jarrell, a spokesman for Giddens. Tiffany Galvin, a spokeswoman for MF Global, declined to comment on the trustee’s decision.

MF Global Holdings filed for bankruptcy Oct. 31 after a $6.3 billion bet on the bonds of some of Europe’s most indebted nations prompted regulator concerns and a credit rating downgrade. Giddens, overseeing the liquidation of the bankrupt company’s brokerage unit, is managing the subsidiary’s wind-down under the Securities Investor Protection Act. .............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-11-11/some-mf-global-workers-said-to-learn-of-firing-from-news-reports.html