Friday, November 11, 2011

MF Global Holdings Terminates Everyone

I think it's a fairly safe bet that a lot of those people were prepared for this to happen. I don't think it was quite the "aftershock" that they are making it out to be here. When the whole rotten edifice collapsed at the end of October, John Corzine was the one holding the bag.

It is highly likely that he will be the face of this collapse, but was he the person with the sole responsibility for what happened? Probably not. I do not think he's going to walk away from this and go back into politics any time soon.

The end result is that a lot of people are thrown out of work. How do you muster up feelings of sympathy for people who worked for a firm that basically placed bets on what was going to go seriously right or wrong for various economic systems around the world? How do you feel anything for an employee of a brokerage firm that played a small part in helping to further wreck the economy of the world by placing bets on whether or not this bank or this country would get a bailout?

I suppose there were people at the bottom of the spectrum from Corzine who were not involved in the crapshoot. Feeling sorry for those people is admirable. I still don't know how to muster up that kind of sympathy, but I'll try.

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