MF Global fires its entire work force
(AP) - Defunct trading company MF Global Inc. says itis terminating its entire workforce of 1,066 employees.
The company said Friday it is dismissing workers in accordancewith a bankruptcy court-mandated liquidation. Between 150 and 200former employees are being hired to assist with the liquidation andcourt proceedings.
MF Global declared bankruptcy after losing money on a number ofbad bets on derivatives contracts, precipitated by the Europeanfinancial crisis.
The company did not immediately return a call seeking comment.It said in a statement that all the employees were notified oftheir termination Friday. The company said it is working to vacateits headquarters in New York as soon as possible and will close thefacility.