Julie Steinberg at FINS Finance reports that a group of MF Global employees in Chicago gathered at a different sort of holiday party than their industry colleagues this year.
They had no gains to celebrate and most of them had no jobs to look forward to going back to after the holidays, after they had been laid off en masse (and, some argued, without proper legal warning) after MF Global declared bankruptcy on October 31. Most employees still have not found new positions.
In order to release their anger, employees took turns hitting a star-shaped pinata adorned with an image of Jon Corzine’s head. Unfortunately, when the pinata broke open, $1.2 billion didn’t fall out. There was just a big pile of IOUs.