On-The-Job Training!
On Oct. 25th I posted about Refco and quoted The Faulking Truth In our opinion, REFCO is not the tip of the iceberg in this issue, it’s nothing more than an ice cube floating in a sea of icebergs. I...
View ArticleWhat’s Mine is Mine, What’s Yours is Mine!
From the New York Post, REFCO STIFFING ITS CUSTOMERS Lawyers for collapsed futures trading giant Refco Inc. are trying to treat investors’ cash and investments as debt that doesn’t need to be...
View ArticleRefco Bankruptcy, 17 Billion?
What’s this! From the WSJ, Refco Creditors Dispute Claim Their Funds Are Unprotected Refco says it owes creditors, including dozens of companies that traded through those unregulated units, a total of...
View ArticleRevisit REFCO – It’s Going to Get Worse
From Herald News Daily, Refco Inc.‘s unregulated broker-dealer unit on Friday said it owes customers about $4.16 billion, some $486 million more than previously estimated by its parent, which has...
View ArticleBloomberg on Refco’s Troubles
Bloomberg has a lengthy article about Refco, Refco’s Collapse Reveals Decades of Quarrels With Regulators. It is the best article I’ve seen that relates the fascinating history of Refco and its trading...
View ArticleRefco and FTDs
From The Royal Gazette, Refco failed to execute trades Two former Refco Inc. employees said there were times the company failed to execute trades on behalf of customers because it had used the...
View ArticleThe Austrian Bank Scandal
From The Brussels Journal, Austrian Bank Scandal: When Socialists Play With Money A bank owned by the Socialist trade union (which is close to the Socialist Party SPÖ, currently in opposition) loses...
View ArticleDerivatives at Refco
I’ve written a lot about Refco and its quick and shocking descent into bankruptcy, and suspected much of its demise had to do with derivatives. I don’t believe I’ve written about the extent of its...
View ArticleRefco Billions
From the International Herald Tribune, Refco’s financial advisers are investigating the movement of $38 billion between two of the futures trader’s affiliates in the five years before its bankruptcy...
View ArticleDoes Refco Have A Pool of FTDs?
The other day I posted about Rob Kirby’s article Failure To Deliver Or “Deliverence”? I was intrigued by this reference to Refco at the end of his article: The authors of this ground-breaking research...
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