• 02 Nov 2011 at 5:35 PM

Bonus Watch ’11: MF Global CEO

By Bess Levin

Yes, Corzine’s contract says he’s eligible for a $12 million package if he leaves the firm but recent events will make it slightly more difficult for him to collect that check on the way out.

As part of Corzine’s employment contract detailed in a March proxy filing, he’s entitled to the money unless he leaves the firm “for cause,” which usually means getting fired for doing something illegal, said Aaron Boyd, an analyst at the executive compensation data firm Equilar. It wouldn’t normally include things like, say, running the firm into the ground by borrowing huge amounts of money to bet on risky European assets, which is what happened at MF Global. Still, if Corzine decides to leave the company, his severance package would become part of the over $2 billion in unsecured debt the company owes its creditors. “He’s at the bottom of the pile,” said Brian Foley, who runs an executive compensation consultancy in White Plains, NY. “His severance rights are basically worthless.”

[Fortune]

Comments (17)

  1. 1
    Posted by anon | November 2, 2011 at 5:45 PM

    LOL, how unfortunate.

    -Hank P

  2. 2
    Posted by guest | November 2, 2011 at 5:45 PM

    I ran a midsized commodities broker into the ground and all I got was this lousy unsecured claim

  3. 3
    Posted by gues | November 2, 2011 at 6:04 PM

    It's my money and i needd it now!!!

    -J.G. Wentworth

  4. 4
    Posted by Lehman Admirer | November 2, 2011 at 6:14 PM

    I support this fee completely. It is not his fault he made stupid trades. Blame Jim Beam.

    Richard Fuld

  5. 5
    Posted by ... ellipsis | November 2, 2011 at 6:29 PM

    burn

  6. 6
    Posted by Dr_Rosenrose | November 2, 2011 at 6:35 PM

    So we don't compensate people for their legitimate year anymore?

  7. 7
    Posted by guest | November 2, 2011 at 6:37 PM

    my thoughts exactly.

    -David Tepper

  8. 8
    Posted by 2_Small_2_Bail | November 2, 2011 at 6:41 PM

    Fuck. Just finished painting the parachute in my private jet gold. It was going to be hilarious.

    -J. Corzine

  9. 9
    Posted by guest | November 2, 2011 at 6:52 PM

    It'll make a nice tent.

  10. 10
    Posted by Guest | November 2, 2011 at 7:06 PM

    He'll look good in orange. Are you allowed to maintain facial hair at Leavenworth?

  11. 11
    Posted by guest | November 2, 2011 at 7:09 PM

    You know he's not going to jail, right? Do feel free to continue with your populist fantasies, tho.

  12. 12
    Posted by WSJevons | November 2, 2011 at 7:42 PM

    Too bad. $12 MM buys a lotta mack in the joint.

  13. 13
    Posted by Guest | November 3, 2011 at 4:45 AM

    What are you talking about?

    Carsten Kengeter

  14. 14
    Posted by nachocheese | November 3, 2011 at 8:15 AM

    Jon,

    Tough break…let's play golf…we will have to go dutch.

    Stan O.

  15. 15
    Posted by Guest | November 3, 2011 at 8:55 AM

    We actually reccomend muted tones like blues and greys.

    - Zucotti resident

  16. 16
    Posted by HFguy | November 3, 2011 at 11:08 AM

    Does his contract allow him to keep his balls and kneecaps. or do the shareholders get that as a parting gift.

  17. 17
    Posted by ponta | November 3, 2011 at 3:18 PM

    it will be so funny if he walk out with that money.

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