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Refco Account Security
- Thread starter Htrader
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I have a Refcofx account. Could you post a link?
According the their website they have 20 billion in assets.
According the their website they have 20 billion in assets.
Quote from uninvited_guest:
I have a Refcofx account. Could you post a link?
According the their website they have 20 billion in assets.
CEO hid $400 million charge on the balance sheet, stock down 30%.
http://biz.yahoo.com/rb/051010/financial_refco.html?.v=2
most ceos are like klans, which must be dealt with.
Read the article.
The debt has since been repaid, with interest.
The debt has since been repaid, with interest.
Quote from Kicking:
CEO owes the firm $430 Mil
is that the rumors they were talking about on ET? glad I am not using them
There was a doubtful receivable that the CEO w/ others bought from a related third-party. Thus, the debt originated as an arms length, doubtful account.
The issue is that the company never ammended the account to indicate it had become a related-party receivable.
According to news reports, the CEO et al have paid the receivable back IN CASH. Its done and history.
The only remaining issues are accounting/regulatory in that the receivable wasn't accounted for appropriately. It goes without saying that the board of directors is going to get on top of it now, before they need to hire personal attorneys.
Also, that raises the question: was a related-party transaction hidden for an unsavory reason?
But make no mistake, according to news accounts, the payable has been REPAID IN CASH.
Quote from BlueHorseshoe:
There was a doubtful receivable that the CEO w/ others bought from a related third-party. Thus, the debt originated as an arms length, doubtful account.
The issue is that the company never ammended the account to indicate it had become a related-party receivable.
According to news reports, the CEO et al have paid the receivable back IN CASH. Its done and history.
The only remaining issues are accounting/regulatory in that the receivable wasn't accounted for appropriately. It goes without saying that the board of directors is going to get on top of it now, before they need to hire personal attorneys.
Also, that raises the question: was a related-party transaction hidden for an unsavory reason?
But make no mistake, according to news accounts, the payable has been REPAID IN CASH.
An obvious trick is that the Receivable was purchased so that the overall Refco Receivable would appear to be higher quality than it actually is, therefore push up the value of the IPO. Since Bill Bennett personally profited from the IPO, therefore the perception of IPO fraud is what everyone is scared about.
Rufus
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