Still angry at your old boss? Some former employees of bankrupt brokerage firm MF Global have found a way to deal with their frustration. Hint: It involves a wooden bat and some pictures of ex-CEO Jon Corzine.
A holiday party attended by 50 to 100 former Chicago employees of bankrupt brokerage firm MF Global featured a pinata with pictures of ex-CEO Jon Corzine, free for the whacking, FINS reports.
But the pinata didn't spill candy. Instead it contained bits of paper with IOU written on them -- a not-so-subtle reference to the more than $1.2 billion worth of customer funds that went missing prior to bankruptcy.
Since the firm's collapse, many critics have derided Corzine, arguing he is largely responsible for the firm's risky bets on European debt that resulted in its downfall. He hasn't himself much. Testifying during a Congressional hearing in December, Corzine, a former U.S. Senator, New Jersey Governor and CEO of Goldman Sachs, said "I simply do not known where the money is," in reference to the missing customer funds. That hasn't stopped some from alleging Corzine was aware of the improper use of the money during his tenure at the firm. Furthermore, critics say that the cavalier attitude toward risk that Corzine embodied in his leadership of the firm ultimately led to its demise.
His image took a further hit when it was found that Corzine reportedly went shopping for a chateau in the south of France just two weeks before MF Global's collapse, according to Vanity Fair.
His former employees aren't the only ones who might have liked to have a turn on the Corzine-adorned pinata. Close to 40,000 Montana grain farmers also filed a class-action lawsuit against him, alleging millions of dollars from their accounts were illegally used to finance MF Global's risky bets.
Even President Obama is severing ties with Corzine, recently returning more than $70,000 worth of contributions from Corzine and his wife.
But for all the animosity pointed at Corzine, he can't seem to quit the street. This week the Wall Street Journal reported that Corzine might be interested in taking out office space at 40 Wall St., near the New York Stock Exchange. .