Bernie Dan took over the chief executive role at MF Global in October 2008, at a time when its share price was being hammered by investors thanks to a $140 million rogue-trading loss and just as trading volumes were collapsing. The former head of the Chicago Board of Trade was faced with a tough job.
The broker's results for the last quarter of 2008 reflect the difficult environment. Adjusted net revenues were $367.4 million, down from $422 million in the last quarter of 2007 -- a consequence of the fall in exchange-traded futures and options volumes, which were down to 402.5 million contracts from almost 500 million a year earlier. Hefty severance costs following the...
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