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Excerpt of article from today's NYT: Also on Friday, a hedge fund based in Moscow, the VR Group, which was named by Refco as a major creditor, said it would challenge the terms of the bankruptcy filing. VR-related entities were named in Refco's Chapter 11 suit as creditors, with exposure...

http://www.dailyspeculations.com/vic/refco.html

October 21, 2005 Markets Main Refco's Debts Started With Several Clients Bennett Secretly Intervened To Assume Some Obligations; Return of Victor Niederhoffer By DEBORAH SOLOMON, CARRICK MOLLENKAMP, PETER A. MCKAY and JONATHAN WEIL Staff Reporters of THE WALL STREET JOURNAL The $430...

Since Refco, Inc. is now in Chapter 11, and Refco, Inc. owns the regulated futures business, the bankruptcy judge is in charge. The judge will be the final arbiter.

NYTimes article: "J. C. Flowers has emerged as a likely buyer of Refco's futures business." http://www.nytimes.com/2005/10/17/business/17refco.html?hp&ex=1129521600&en=42369202285e01f9&ei=5094&partner=homepage

Goldman, BoA, and CSFB were leads in the IPO. Thomas H. Lee Partners has been the majority equity owner. Goldman was hired as financial adviser yesterday. They are all "smart money" as far as RFX is goes. Why hasn't one of them stepped forward and backed up the firm financially, thereby...

Refco Is Winding Down Biggest Unit, Refco Securities, DTC Says Oct. 14 (Bloomberg) -- Refco Inc., the futures broker that's under a federal U.S. investigation for securities fraud, is winding down business at its biggest unit, Refco Securities LLC, according to one of its clearing banks...

I agree that the Refco situation is bearish for the dollar, but much less so than WorldCom since its visibility is less and corporate fraud is no longer shocking. But, there is so much going on in FX, it may not be noticeable.

buy Treasuries

Complaint against Bennett: http://www.nytimes.com/packages/pdf/business/Bennett.Complaint.pdf

"Assistant U.S. Attorney David Esseks said Bennett may face a life sentence if convicted." http://www.bloomberg.com/apps/news?pid=10000087&sid=aDSAxbOlHUKc&refer=top_world_news

Delphi Chief Sees GM Bankruptcy Without Wage U-Turn (Update3) Oct. 11 (Bloomberg) -- Delphi Corp. Chief Executive Officer Steve Miller said General Motors Corp., his biggest customer, will have to file for bankruptcy if it can't wrest wage and benefit concessions from the United Auto Workers...

Agreed. Long term could be a problem. Can you imagine if (or when) the PRC upgrades their quality and exports great cars to the US? Like Kia seems to be doing now.

Delphi bankruptcy today (Saturday) will cost GM ~ $6B. http://www.nytimes.com/2005/10/08/business/08cnd-delphi.html?hp&ex=1128830400&en=8d22de3bad6c0e77&ei=5094&partner=homepage

S&P understands credit, which ultimately focuses on the probability of bankruptcy. While they have been wrong before, they are generally good. Here is what they said in May: "Does GM or Ford face near-term liquidity problems? This is unlikely in our view, even if near-term business...

Good idea. From the MIT web site (http://www.eecs.mit.edu/ug/primer.html#cs): "Our introductory CS subject is taught in the SCHEME dialect of LISP, and the software engineering lab uses a version of JAVA; C++ can also be useful in UROPs."

Try adding size when you feel really good about the trade (without adding to a losing trade). Just be sure to get out quickly if it goes against you.

I am no quant, but it seems to me that there is also a lot of talk @ Java. Isn't this the case? Check out Amaranths' ($7B fund) web site (http://www.amaranthcareers.com/) posting openings for software engineers: "Qualifications You must be a world-class, real-time distributed systems...

With an MBA and CFA3, a job as a securities analyst seems to be the next logical step. Have you approached buy-side firms in Toronto? What was the response?

1. Finland 2. USA 3. Sweden 4. Denmark 5. Taiwan 6. Singapore 7. Iceland 8. Switzerland 9.Norway 10.Australia 11.Netherlands 12.Japan 13.United Kingdom 14.Canada 15.Germany 16. New Zealand "This annual study is a valuable tool for shaping economic policy and guiding...