Not that my opinion probably matters all that much to you, but I used to think you were a great leader and businessman. I remember when you first ran for NJ Senate, I admired what you had accomplished and thought of you as a true leader. Now, I am sorry to say, my opinion has changed. It’s not that you lost $1.2 billion in customer funds, sending MF Global Investors into bankruptcy, it’s the way you are handling the situation.
Much to my disappointment, I read the story “MF Global Probe Focuses on the Back
Office” in the Wall Street Journal on January 17th, and learned that you are selling out your back-office staff and in particular, assistant treasurer Edith O’Brien. Part of being a leader means owning up to your mistakes and taking the fall for your company. Stop pointing fingers at everyone else but yourself. I find it hard to believe that you would have been happy had the back-office staff not cleared the alleged $200 million wire transfer you claim sent everything tumbling down. Your $6.3 billion gamble in European debt failed, and unfortunately, MF Global Investors became the first American firm to suffer the consequences. Stop saying you don’t know what happened to the missing money and man-up. Do your employees, your former clients and your debtors a favor, and be the leader they need you to be. Or does it make you feel good that former staff have taken to smashing your face on a piñata?
By the way, we are hiring, so if you are interested in paying back your $1.2 billion dollar debt to JPMorgan Chase and your $325 million dollar debt to Deutsche Bank, give me a call. We have lots of database work, and I am in need of an assistant.