Refco Account Security

rufus_4000 · Oct 13, 2005

Quote from nassau:

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 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. Lee is doing absolutely the right thing, which is by cooperating fully. Only by distance themselves from the Bennett era will they have any chance of savaging any value for the firm.

rufus_4000 · Oct 13, 2005

Quote from Pro_Trader720:

I heard there is a 15 day lock up on customer funds now. Anyone else confirm this?

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.

Josh009 · Oct 13, 2005

Quote from Pro_Trader720:

I heard there is a 15 day lock up on customer funds now. Anyone else confirm this?

briefing just said that "liquidity is insufficient to continue ops"

class actions suits are being filed, according to Fly and PR

Is the blow-up of the decade at hand?

afedoro · Oct 13, 2005

http://abcnews.go.com/Business/wireStory?id=1209611

thewoodcutter · Oct 13, 2005

Quote from Josh009:

briefing just said that "liquidity is insufficient to continue ops"

class actions suits are being filed, according to Fly and PR

Is the blow-up of the decade at hand?

THIS is just RCM - as i understand it the 15 day block on business is also just for RCM. Refco do say RCM is a material part of the business.

Brandonf · Oct 13, 2005

Quote from Apex Capital:

But for most of us average folk who trade futures, the "regulatory capital and excess regulatory capital of Refco, LLC, its regulated Futures Commission Merchant, and Refco Securities, LLC, its regulated Broker Dealer, have been substantially unaffected by the events of this week. The business at these subsidiaries is being conducted in the ordinary course including customer deposit and withdrawal of segregated funds."

The company continues with Goldman Sachs as a financial advisor and has hired Eugene Ludwig the former U.S. Comptroller of the Currency and former Chairman of the SEC and American Stock Exchange, Arthur Levitt to the board of directors as special advisors.

http://biz.yahoo.com/prnews/051013/nyth091.html?.v=27

If you are still comfortable keeping your money there after all this your nuts.

Bsulli · Oct 13, 2005

http://www.marketwatch.com/tools/qu...={48BA7E0E-367D-4D7B-AF1A-0A2F4F47B080}&symb=

Release from Refco

JayS · Oct 13, 2005

Announces a 15 Day Moratorium on Customer Withdrawals at Refco Capital Markets, Ltd.

2cents · Oct 13, 2005

and 15-day moratorium on custie withdrawals at RCM

Trader5287 · Oct 13, 2005

Quote from thewoodcutter:

liquidity in refco capital markets no longer sufficient to carry on operations

And just yesterday on the corporate website it said "liquididty was adequate to conduct business in the ordinary course."

The "course" is right onto the rocks.

Hopefully the public can be protected and a responsible lender will put them under for good.

End it now. Get them out of business.

Refco Account Security

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