明富环球（MF Global）的破产或许是雷曼兄弟公司（Lehman Brothers）于2008年倒闭以来，美国金融领域所发生的最大一宗破产案，但它的灭亡几乎没有对金融市场产生同样致命的影响——至少目前还没有。

    据《金融时报》（Financial Times）报道，周一，明富环球申请破产的决定导致芝加哥商品交易所（Chicago Mercantile Exchange）乱作一团，因为依靠这家经纪交易商完成清算的公司无法执行交易指令。但跟臭名昭著的雷曼时刻不同的是，市场流动性受压迹象有限，融资市场并未出现重大震荡。没错，道琼斯指数周一的确下挫，今天再次下跌，但相比于雷曼兄弟倒闭和美国国际集团（AIG）濒临破产之后的恐慌局面，这一次的反应是温和的。

    然而，明富环球毕竟是首家因正在发生的欧债危机而倒下的华尔街公司，市场因此高度紧张完全可以理解。主要评级机构认为，高达63亿美元的欧洲主权债务敞口使得这家公司承受了过高的风险。三大评级机构穆迪（Moody's）、标准普尔（Standard & Poor's）和惠誉（Fitch）相继将公司评级下调至“垃圾级”。

    大多数普通投资者不会立刻感受到明富环球破产造成的影响，但不用说，有一些利益相关者肯定无法全身而退。

优先股股东

    当初或许是私募股权基金投资者J•克里斯托弗•弗劳尔斯邀请前新泽西州州长乔恩•柯赛出马担任明富环球CEO一职的【他们两人都曾经同为高盛集团（Goldman Sachs）的高管】，但这位通过旗下公司J.C. Flowers & Co. 重资参股这家破产公司的金融家可能要蒙受数百万美元的损失。

    一个被媒体广为报道的事实是，这家私募股权公司于3年前斥资8,740万美元购买明富环球的优先股。过去3年以来，股息收入一直相当可观——有报道称，这笔投资为该公司带来了3,960万美元的收益。但随着明富环球的破产，这家私募基金预期会把这笔投资减记至零，从而承受4,780万美元的净损失。

普通股股东

    当然，该公司最大的普通股股东有可能损失数百万美元。以下清单源自该公司近期呈交的文件，所显示的是部分大股东及其所占股份。

    Pyramis Global Advisors LLC 资产管理公司持有8.44％的普通股；RS Investments投资公司，7.81％【最新进展：RS Investments公司的一位女发言人告诉《财富》（Fortune）杂志，该公司已于10月26日，即明富环球申请破产保护之前，出售了手中持有的股份】; Fine Capital Partners LP投资公司，7.37％; Cadian Capital Management LLC资产管理公司，6.17％;美国教师退休基金（TIAA - CREF），5.77％;Advisory Research Inc.资讯调研公司，5.54％;Dimensional Fund Advisors LP基金管理公司，5.41％; Rydex Security Global Investors LLC投资公司，5.13％。

无担保债权人

    MF Global's bankruptcy may be the biggest failure of a U.S. financial firm since the collapse of Lehman Brothers in 2008, but its demise has not been nearly as catastrophic on financial markets -- at least not yet.

    MF Global's decision to file for bankruptcy protection Monday triggered a frenzy of activity on the Chicago Mercantile Exchange, as firms whose trades are cleared by the broker-dealer were unable to execute orders, according to the Financial Times. But unlike the infamous Lehman moment, there were limited signs of strains on liquidity and no major disruption in the funding markets. Sure, the Dow tumbled Monday and is falling again today, but this reaction is tame compared to the panic after Lehman's fall and AIG's near collapse.

    Nevertheless, MF Global's (MF) downfall is Wall Street's first casualty from the ongoing European debt crisis, so tensions are understandably high. Major rating agencies thought the firm had taken on too much risk with its $6.3 billion bet on European sovereign debt. And in a series of credit downgrades, Moody's (MCO), Standard & Poor's and Fitch downgraded the firm to "junk" status.

    Most of us on Main Street won't feel an immediate impact from MF Global's demise, but needless to say, several stakeholders won't be walking away unscathed:

Preferred stockholders

    Private equity investor J. Christopher Flowers may have placed former New Jersey Governor Jon Corzine as MF Global's top executive (they were both formerly executives at Goldman Sachs (GS)), but the financier who was a significant investor of the bankrupt firm through his firm J.C. Flowers & Co. may see millions in losses.

    It has been widely reported that the private equity firm paid $87.4 million three years ago for MF Global preferred stock. Over the last three years, the dividends paid handsomely – it reportedly yielded J.C. Flowers $39.6 million. But with the collapse of MF Global, the fund is expected to mark the investment down to nothing and suffer a net loss of $47.8 million.

Common shareholders

    And of course, the firm's biggest common shareholders could lose millions. Here's a list of some of the bigger ones and their respective stakes in the firm according to recent filings:

    Pyramis Global Advisors LLC, owning 8.44% common shares; RS Investments, 7.81% (Update: An RS Investments spokeswoman told Fortune the company sold its shares of MF Global on October 26 ahead of the firm's file for bankruptcy protection); Fine Capital Partners LP, 7.37%; Cadian Capital Management LLC, 6.17%; TIAA-CREF, 5.77%; Advisory Research Inc., 5.54%; Dimensional Fund Advisors LP, 5.41%; Rydex Security Global Investors LLC, 5.13%.

Unsecured creditors

    在破产程序中，无担保债权人通常在有担保的借贷人之后才能获得清偿。根据明富环球的破产申请文件，该公司最大的无担保债权人包括： 持有约12亿美元债券的摩根大通银行（JP Morgan Chase）；持有10.2亿美元债券的德意志银行（Deutsche Bank AG）；持有390万美元债券的Headstrong Services LL 咨询公司；康卡斯特公司（Comcast Corp. ）旗下的美国全国广播公司财经频道（CNBC）要求赔偿845,397美元（未支付的广告费）。

明富环球的明星银行家

    乔恩•柯赛2010年3月份出任明富环球CEO的时候，这家公司是华尔街少有的几家还在招兵买马的的金融机构之一。当时，世界各地的银行受金融危机影响，裁掉了数以十万计的员工。曾经在1994年至1999年执掌高盛集团的乔恩•柯赛招聘了800位员工，试图使这家经纪交易商转型为一家投资银行。

    据彭博社（Bloomberg）报道，当时招募的人员包括：瑞银华宝（UBS AG）美洲公司前首席风险官迈克尔•斯托克曼、花旗集团（Citigroup Inc）欧洲固定收益部前主管理查德•穆尔，以及同样来自瑞银华宝，并担任过这家投行董事的乔恩•巴斯。

    这些人的最终归宿在哪里，谁都说不准，但至少就目前而言，这些明星银行家中的许多人很有可能会成为美国数百万失业大军的一员。

乔恩•柯赛本人

    外界普遍认为，乔恩•柯赛当年之所以愿意出任明富环球的掌门人，是为了在华尔街重振雄风。担任了一段时间的公职之后，这位前高盛集团CEO试图推动明富环球进入更具风险性的领域，进而将其改造成一个更具影响力的金融机构。无论柯赛的动机如何，这家公司的倒闭似乎正在考验他在华尔街的声誉。柯赛跟弗劳尔斯拥有长期的商业关系，数十年前他们就曾经一起在高盛集团共事。直到最近，柯赛还是弗劳尔斯私募股权公司的运营合伙人之一。

    乔恩•柯赛能否设法重新成为华尔街的宠儿，依然有待观察。我们知道，即便破产法院撤销他高达1,200万美元的遣返费，他也不会穷困潦倒。但目前，联邦监管当局正在针对近来明富环球损失数千万客户资金一事展开调查，他在华尔街的声誉或许已变得岌岌可危了。

    译者：任文科

    In a bankruptcy, unsecured creditors get repaid after secured lenders. According to MF Global's bankruptcy filing, some of the firm's biggest unsecured lenders include: JP Morgan Chase (JPM), a bondholder trustee with a claim of approximately $1.2 billion; Deutsche Bank AG (DB), a trustee with a claim of $1.02 billion in bonds; Headstrong Services LL with a claim of $3.9 million; and Comcast Corp. (CMCSA)'s CNBC with a claim of $845,397 (unpaid ad sales).

MF Global's star bankers

    When Corzine took over as MF Global's CEO in March 2010, the firm was one of the few on Wall Street adding staff as banks worldwide announced hundreds of thousands of layoffs amid the financial crisis. Corzine, who helped run Goldman Sachs from 1994 to 1999, hired 800 employees in efforts to turn the broker-dealer into an investment bank.

    As Bloomberg reports, recruits included: Michael Stockman, UBS AG's former chief risk officer for the Americas, Richard Moore, once Citigroup Inc (C)'s head of European fixed-income, and Jon Bass, also previously of UBS and a member of the investment bank's board.

    It's anyone's guess where they might end up, but for now at least, many of them will likely join the millions already in the job market.

Jon Corzine himself

    Corzine was widely viewed as attempting to revive his Wall Street career by taking the helm at MF Global. Coming off a stint in public service, the former Goldman Sachs CEO tried to makeover MF Global into something bigger by taking on risky trades. Whatever his intentions, the firm's meltdown seems to be testing his rep on Wall Street. Corzine had a long business relationship with Flowers, dating back to their days at Goldman decades ago. And up until recently, Corzine was an operating partner at Flowers private equity firm.

    It remains to be seen if Corzine will be able to work his way back into the graces of Wall Street. And we know he won't end up poor, even if his $12 million severance payment is rescinded by the bankruptcy court. But for now, as federal regulators investigate hundreds of millions of dollars in customer money missing from MF Global in recent days, his reputation on the Street may be at stake.