Refco Fallout

Status
Not open for further replies.
Quote from globalfxtrainer:

Let me give you a specific. I think I am about to lose money by having an account with RefcoFX. FXCM is in the same building, on the same floor, in the same office as RefcoFX. RefcoFX and FXCM share the same software. FXCM has 35% ownership from Refco. That's pretty darned close to something that at best was VERY poorly run, at worst was criminal.

I understand your frustration with the unfortunate situation you are in, but I don’t understand how you could blame FXCM because they share office space and software, makes no sense at all. From what I understand the whole Refco disaster was caused by Refco people completely outside of RefcoFX.

If you had a roommate and he used your computer to scam people over the internet without your knowledge would you be guilty?
 
Quote from jimrockford:

Oldtrader, you owe me an apology for misrepresenting my statements, and for falsely accusing me of making false statements.

Kind of difficult, if not impossible, to misrepresent your statements when I have quoted the ones that I refer to.

But rather than to just "talk" like you do, why don't I simply show you what I mean:

Below, you make the following statement:

No, Oldtrader, you old hypocrite, you misrepresented my argument. My argument relied on the KNOWN FACT that Refco had already engaged in a chronically repeated, persisting pattern of embezzling segregated customer funds, on an almost daily basis, despite repeated CFTC fines totalling in excess of $2 million, and despite repeatedly broken cease and desist orders. This historical pattern of behaviour, combined with the reputations of the parties to the current accusation, led to my conclusion. You misrepresented my argument, by omitting my reliance upon the prior history of embezzlement. I also stated that You omitted this part of my statement, in order to make me sound unreasonable.

Yet, on page 32 of this thread at the following link: http://www.elitetrader.com/vb/showthread.php?s=&threadid=57333&perpage=6&pagenumber=32

I make the following statement:

After making the statement that a "massive embezzlement" took place, you provide your proof:

1. Refco has a long history of embezzling.
2. Jim Rogers accused Refco of embezzling.
3. Jim Rogers has a good reputation and
4. Refco has a terrible reputation.

In other words, you accuse me of omitting your reliance on prior history, when it is Point 1 in my post. By the way, following these four points I quoted your entire statement. Please refer to the link.

In other words Rockford, you have made yet another false statement. You have done this systematically and continually throughout this thread and others, all the while proclaiming your innocence and personally attacking me and others.

I must say Rockford, I find it somewhat humorous that you have persisted in your latest few posts in calling me "slow on the uptake", "surprisingly ignorant", you have called me a "hypocrite", you accuse me of "acting like a moron", spent "50 years rotting my brain with TV cop shows", etc etc etc. and lectured me regarding various legal matters, a series of personal attacks that I have not experienced since I began posting here in September 2002. I think these attacks say a great deal about you Rockford. Perhaps you should spend a quiet moment reflecting on whether you allow your emotions to cause you to form illogical suppositions and conclusions. If an apology was ever in order, it should be YOU making the apology. These types of personal attacks were never necessary to make your points, as illogical as they were.

OldTrader
 
Oldtrader’s latest posting continues his pattern of making false off-topic personal attacks, and of selfishly, childishly, dishonestly, and hypocritically preventing legitimate discussion of this thread’s topic.

Oldtrader misrepresented, as follows, my reasoning in believing the accusations made by Jim Rogers:

Quote from Oldtrader:
In other words, if someone has a poor reputation, and they are charged with a serious crime by someone with a good reputation, that all you need eh Rockford? This is the psychology of the "lynch mob" Rockford. And you're the head executioner.

His misrepresentation omitted the fact that my belief, in the truthfulness of Jim Rogers, relied on Refco’s long history of repeatedly embezzling segregated customer funds from its regulated futures unit. Oldtrader had previously given an accurate summary of my reasoning, in which he did acknowledge my reliance on the embezzlement history. This proves that Oldtrader knew the truth, at the time he made his false statement.

I posted a response, in which I complained about Oldtrader’s false description of my reasoning. Oldtrader responded by denying that he had done anything other than quote my exact words, so that it was impossible for him to have made any false statement. Anybody can verify that this was yet another false statement from Oldtrader. I have quoted his exact words, which show that he did go beyond quoting my exact words. Oldtrader’s exact words clearly misrepresented my reasoning, with full knowledge that he was making a false statement.

Oldtrader also made the argument that since he had previously given an accurate description of my reasoning, this exempts him from any accusation that he subsequently misrepresented my reasoning. This is pure BS.

Oldtrader complained about the harshness of my words for him. He richly deserved those harsh words and more, because of his selfish, childish, dishonest, and irrelevant interference with people trying to have a worthwhile discussion of Refco Fallout.

Let me repeat, for the 5th time, my previous challenge to you, Oldtrader. I challenge you to contibute one single idea, or one single piece of information, somehow useful or relevant to this discussion of Refco Fallout.

Can you do it? Are you capable?

And if you can't, would you please knock it off with the personal attacks, so that others can get back to discussing the important things we were discussing before you launched your childish, selfish, dishonest, hypocritical campaign of off-topic personal attacks?
 
Quote from neverwas:

I understand your frustration with the unfortunate situation you are in, but I don’t understand how you could blame FXCM because they share office space and software, makes no sense at all. From what I understand the whole Refco disaster was caused by Refco people completely outside of RefcoFX.

If you had a roommate and he used your computer to scam people over the internet without your knowledge would you be guilty?

If you were completely unaware of what was going on in your roomate example, no of course you wouldn't. However, I don't like your example. It's much too narrow.

What we're talking about here in the case of RefcoFX and FXCM is a whole firm on the same floor as another whole firm. They are much too close to one another to not know what is going on.
 
Status
Not open for further replies.
Back
Top