Search results

While the DTC / NSCC announcement would have nothing to do Refco as the FCM, it would impact the FCM business in a different way. Plenty of futures traders (myself included), especially index futures traders, would trade the index futures vs the ETF or a basket, therefore the margin...

Your point is taken. However, the employees, at this point anyways, loses very little in direct pocket hit. Their paychecks would still clear every pay period. I would think all of the current stock option plans would be underwater at the current stock price, but these employee option holders...

Welcome, I have been intrigued by the Chinese market for a long time now. I was in Shanghai a couple of times in the last 3 years, a friend of mine is serving as ceo for the chinese division of an european bank in Shanghai. What do you think of the pending launch of the Shanghai Stock...

Problem is that the pure clearing business is not that profitable. I read the Refco S-1 (IPO docs) again last night, their clearing business (Refco LLC, the FCM) generated revenue of around $950M ('04 numbers) and pre-tax profit of around $130M, that's around 14%, which is pretty good, since...

It is weird, I am absolutely absorbed by this story. It is sad in a way, and it is yet another black mark on the finance industry. It really is too bad ... I guess this is similar to how my fiancee is mesmerized by the pending Jessica Simpson break-up. She and I were just talking about...

Interesting, "team". Refco is not the first nor will it be last of a firm that is in deep trouble because of 1-2 individuals, let alone CEO of the firm. from Savings and Loan, Drexel, BCCI, to the latest one, Enron, MCI, Tyco (which survived), Adelphia, etc. While Refco still haven't joined...

Regardless of the source, the statement remains true. A simple transfer of cash and positions, might avoid long delays and the process in getting your money back. Problem is that if Refco goes down (and that is an IF), while the funds maybe protected, customers can't trade for some period of...

If I recall correctly, Volcker played a similar role with Andersen, and the firm still went under. Good for Refco / TH Lee, however, they are doing all the right things, by fully cooperating, by hiring well known figures for corporate governance. But at this time, when the market and the...

No, as of this morning, this is not true (as far as I know) I am hoping that my overnight transfer out goes through, however.

I am amazed at the above statement. There that documents (according the court filings) that Bennett signed on behalf of both Refco, and Refco Global Holdings (the firm that he completely control), and Refco guarantees. Okay, you will do what you will. On the other hand, Refco and Thomas H...

Yeah, here in NY, all the storm brewing is not over Refco possibly going down (they are small in from a NY perspective), but it is YetAnotherFailedIPO. The consensus is that while this won't hurt GS / BA / CSFB in the pocket book too much, it will tarnish their banking image. Trouble with this...

Some people have asked why the trading will be done, here is one probable cause. Refco is scheduled to release their quarterly results on Oct 17, at this point, having to restate perhaps 30 quarters (7 years) of results, only then can then release their current quarterly results. NYSE can...

Talk of a settlement is far too premature at this point. I doubt the "shark" class action lawyers would advise their clients of taking a settlement at this point. The lawyers smell blood, and will get the maximum for their clients. With the possibility of criminal changes being filed (see...

I get a chuckle hearing VN and Refco connected together after all these years. We will see on the Refco mess I guess. It really is too bad about Refco, it would have set the market for futures business after CME. But if it is proven to be fraud, then Refco deserve everything that it gets...

I don't trade equities, and only dabble a little on options, I am primarily focused on futures. So at this point, nor anytime in the future I intend to hold any position on RFX. The "told you so" was related to Refco's reputation, it is not a particularly good one. Messages are from other...

I have already gotten more than a few "told you so" messages already. I am a Refco customer, know some of the people there pretty well.

As I have said, it is just a conspiracy theory, that's all. I just have a sneaky suspicion that Bennett is going far beyond just to cover up a client loss.

It is one thing to stand behind your clients, it is quite another to commit "fraud" (shuffling receivables, and paying a hedge fund to lie about it), if this is a true client loss, then why pay some other hedge fund to lie about it? I fear there is something more sinister at play...

The more I think about my theory, the more it makese sense. Naturally, after more than 12 years on the street, I have become a fan of conspiracy theories since I have seen what people are willing to do for a little gain. Here is my conspiracy theory of the day on Refco. '98 was a tough year...

I just had a scary thought, what if the $430M receivable is not from a client, but rather from an internally controlled account, a secret proprietary trading operation, that actually lost the money trading. So Bennett and Maggio (who was reported involved) conspired to hide the trading losses...