The CEO signed off on the REFCO financial statements per Sarbannes-Oaxley. That is why this whole fraud is so shocking. Trust me, he will definitely get his just due and I am sure that there is a State Attorney General or District Attorney that will make sure of that!
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REFCO bankruptcy before Bankruptcy law date?
- Thread starter mahram
- Start date
The CEO signed off on the REFCO financial statements per Sarbannes-Oaxley. That is why this whole fraud is so shocking. Trust me, he will definitely get his just due and I am sure that there is a State Attorney General or District Attorney that will make sure of that!
Quote from rufus_4000:
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 that rank yet, it is on the brink, it has already lost the public image battle (pushed deeper by today's Capital Markets announcement). Rumours of pending credit crunch and bankrupt will just destroy any value the stock have left, if it even begin to trade again. As seen by today's Refco bond sell off, I am merely reflecting a public view, a harsh one, but shared by many.
And as CME tightens the grip on the Refco FCM (to ensure that the system is not affected should Refco go down), I am convinced that there will not be a fed-assisted rescue, instead the Refco assets will be sold off (no system-wide shock, it seems), either in one chunk, or several pieces. I think the chances of Refco surviving is 50/50, and it is getting worse every day. [/QUOTE
good summation..
I think also when it all comes out that there could also be charges of wilful blindness on the board memebers part and possible accounting firm(s).
I am glad the stock has been halted to let things cool off..
Hope the new assignees are there to give credibility and assist with positive news versus bankruptcy..
If the stock opens with proper news and exposure we could resume a good rally from these lows.
I heard that versus the bankrupt route there are several partners looking to participate and over the next few days we will have full disclosure that will ensure the companies position.
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Quote from fxnewby:
Has anyone heard anything about FXCM or ACM ? Are they freezing accounts ?
EUR, GBP, AUD accounts with RefcoFX probably frozen right now.
www.google.com/search?q=cache:Sr2eo...-clients/deposit-funds/bank-wire-non-usd.html
Quote from Apex Capital:
Yeah, right buddy.
That is easy for you to say.
Please specify which employee that was making millions of dollars as you say should have been aware of what was going on and "getting on top of these execs" as you say?
The quarterly transactions that occured via the CEO's frauds and manipulations were basically buried so well that not even due diligence conducted by the auditors were able to uncover it over many years . . . If the private equity firm of Thomas Lee could miss it and the auditors of accounting firm Grant Thornton could miss it in this day and age of Sarbannes-Oaxley, I'm sure that employee XYZ would have missed it too.
I meant they are paying these execs & CEOs millions of dollars and I assume that if you are gonna pay such high compensation that you would expect the CEO would be making sure that this type fraud would not be happening. Refco is a severe case, yet it does not change the fact that this guy was in a position of power to ruin the company at the expense of shareholders & employees. So he will go to white collar prison to play golf and live in better conditions than most of USA, while a whole company is ruined.
My whole point is that whatever happens to the shareholders & employees is deserved. This is far from the first time that anything like this has happened and it is certainly far from an anomaly in the corporate world. Corporate fraud by execs keeps increasing along with their compensation, yet no reforms have taken place.
Quote from Xenia:
EUR, GBP, AUD accounts with RefcoFX probably frozen right now.
www.google.com/search?q=cache:Sr2eo...-clients/deposit-funds/bank-wire-non-usd.html
I don't think they are frozen ,at least not for the time being.
As many others have said -if in doubt wire the money out and sit tight for a while. It is what an awful lot of others are likely to be doing and so even if these other areas of Refco and fine they could still face a liquidity crisis.
If it all blows over then use them again.
Delphi and others went into bankrupt court for the age old problem of greed. This new CEO at Delphi is stiffing the workers and in the same breath says the need to increase the pay of the execs is extremly important so "NOT TO LOSE IMPORTANT EXECUTIVES"
What a sick joke, Who Put Delphi in bankrupt court? The boys and girls in the exec suite did, not the workers. The facts are clear, America is going down the tubes because rather than bring up the wages of the other countries relative to our "LIVABLE" wages, it is better to blame the greed of the top brass on the lowly workers. Then move the jobs out of the country and get fat on the increased profits.
I ask you this question: Is a car assembled in Mexico or whereever any cheaper when displayed in a Chicago or New York showroom?
They take away healthcare, pensions, dignaty etc. Then pat themselves on the back and puff out their chest. This country had better get real soon or else all that money will be the first to leave as soon as the roof falls in on what once as a great place.
Now time to watch a ball game before i get upset discussing how the fat cats are stealing your childrens future. Good trading to ya all.
What a sick joke, Who Put Delphi in bankrupt court? The boys and girls in the exec suite did, not the workers. The facts are clear, America is going down the tubes because rather than bring up the wages of the other countries relative to our "LIVABLE" wages, it is better to blame the greed of the top brass on the lowly workers. Then move the jobs out of the country and get fat on the increased profits.
I ask you this question: Is a car assembled in Mexico or whereever any cheaper when displayed in a Chicago or New York showroom?
They take away healthcare, pensions, dignaty etc. Then pat themselves on the back and puff out their chest. This country had better get real soon or else all that money will be the first to leave as soon as the roof falls in on what once as a great place.
Now time to watch a ball game before i get upset discussing how the fat cats are stealing your childrens future. Good trading to ya all.