Refco Account Security

[nassau]

Quote from Brandonf:

I dont know if they have much integrity actually. A few years ago Toni and I where looking into starting an EMini B/D which we ended up deciding against. In any case Refco was obviously one of the companies we talked too about being our FCM, but we also have a number of friends that have been in Chicago for a long time. Without exception all of them told us to stay away from Refco that they had no integrity at all and it was a dirty company. Having that in mind also kept me from buying the IPO, which too me did look very attractive and then again when it broke above $28 I thought it looked great, but I always had that lingering in the background..now I am very glad.

Brandon

I am not a refco fan, never traded via them and only know of one person looking into opening an account.
They obviously have integrity, they have offices all over the world, they have grown continually over the years, they have partners all of the world. China is a recent partner etc.

I have never traded this stock prior to what I believe is an opportunity to make some money. I am loyal to no stock or a direction.
Guys we are traders, options today as a result of ? gives us an opportunity to make money because of the volitility. The stock today gives us opportunity to trade..long or short..
This situation creates volume and liquidity, something lack of in the past has caused me not to be as profitable either via part fill, no fill, etc.

I couldn't care what?? As traders we are opportunist.

Today's activity has allowed me to make several thousand dollars

I understand that an announcement about the company is coming out within the hour. 2pm

w

 

[slackeral]

Does anyone have a good idea which fcms ibs or other such firms have exposure to Refco currently?

 

[prt_systems]

Quote from nassau:

...The stock today gives us opportunity to trade..long or short..
This situation creates volume and liquidity, something lack of in the past has caused me not to be as profitable either via part fill, no fill, etc.

I couldn't care what?? As traders we are opportunist.

Today's activity has allowed me to make several thousand dollars

I understand that an announcement about the company is coming out within the hour. 2pm

w

Yes, its been a nice short since the original news announcement...... Still refco was always a survivor type of company - scrappy - until now. I think this mistake - whether intentional or not - signals the end for the company. I dont see how they can recover .... just my opinion.

 

[AC3]

Fun never ends when u have a Refco Acct

http://www.businessweek.com/ap/financialnews/D8D6KAS87.htm?campaign_id=apn_home_down&chan=db

 

[Brandonf]

Quote from slackeral:

Does anyone have a good idea which fcms ibs or other such firms have exposure to Refco currently?

Every single FCM is exposed to Refco since they own shares of the Exchange Clearing Corp.

Brandon

 

[slackeral]

Good Point.

 

[flytiger]

Did anyone watch the call. Didn't the US attny look to his right and say, "how much is it now?"

"Oh, five hundred blah blah blah".

What type of loss moves? AN OPEN POSTION.

It's been going on for years. Can';t be futures. The account was a hedgie long gone.

Marked to market, and open. This is a disaster that hasn't even started to unwind.

I'm trusting that I saw what I saw. What did you guys see.?

 

[nassau]

Quote from flytiger:

Did anyone watch the call. Didn't the US attny look to his right and say, "how much is it now?"

"Oh, five hundred blah blah blah".

What type of loss moves? AN OPEN POSTION.

It's been going on for years. Can';t be futures. The account was a hedgie long gone.

Marked to market, and open. This is a disaster that hasn't even started to unwind.

I'm trusting that I saw what I saw. What did you guys see.?

lawyers, not sure what really is going on
facts are still not clear.
but you can bet stock holders lose...lawyers lick their chops..

free money

w

 

[slackeral]

From what I read somewhere Bennet's debt was over 500 mil at one point but was 430 mil when it was discovered.

 

[nassau]

Quote from flytiger:

Did anyone watch the call. Didn't the US attny look to his right and say, "how much is it now?"

"Oh, five hundred blah blah blah".

What type of loss moves? AN OPEN POSTION.

It's been going on for years. Can';t be futures. The account was a hedgie long gone.

Marked to market, and open. This is a disaster that hasn't even started to unwind.

I'm trusting that I saw what I saw. What did you guys see.?

perhaps the 500plus is with the interest?
I don't think it is about the funds as they are their but the application exercised.

They have errors and ommissions insurance if the authorities are correct and in fact it becomes a criminal conviction.

I believe the authorities step in to lay charges as a result of all the corp crime the last few years..only time, good lawyers, will decide the outcome.

I bet he gets off..to be convicted of a conspiracy the courts must prove intent, control and knowledge.
if he received any direction from the accounting firm then?
I find it hard to believe the accounting firm did not know..that could place them in a positon of wilful blindness as possible some of the board members.
will be interesting in the mean time
TRADE OPPORTUNITIES.

w
ag edwards is now in the news...wow what a day.