put apex on your ignore list. he is not happy at all. miserable actually.
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RIP Refco
- Thread starter forestfire
- Start date
put apex on your ignore list. he is not happy at all. miserable actually.
Quote from areyoukidding?:
Did they short themselves?
Well think about it ...... Phil Bennett pledges his shares to BAWAG bank as collateral for a 430mm loan to "payback" Refco for the bad loan his co "owned" knowing full well that the stock was going into the toilet as soon as the breadth of his wrongdoing came out ...... Nice guy.... 430 million for shares of a worthless company ......
The real question is why did BAWAG do this? Wasnt the problem with Refco already in the news... the fact of the news coming out being the cause of Bennett's need to approach BAWAG?Quote from AC3:
Well think about it ...... Phil Bennett pledges his shares to BAWAG bank as collateral for a 430mm loan to "payback" Refco for the bad loan his co "owned" knowing full well that the stock was going into the toilet as soon as the breadth of his wrongdoing came out ...... Nice guy.... 430 million for shares of a worthless company ......
true, i didnt realize that Austrian Bank got screwed royally by Bennett.
Quote from PuffyGums:
The real question is why did BAWAG do this? Wasnt the problem with Refco already in the news... the fact of the news coming out being the cause of Bennett's need to approach BAWAG?
The loan was made before the company released the news to the public. So the stock still had a nominal price of $25 or so. Bennett probably downplayed any negative implications from the loan, and the officers at bawag must have believed him.
If Bennett manages to beat the charges in the US somehow, I would expect austria to prosecute him for fraud as well.
Quote from forestfire:
A "newbie" apex?
Ouch that really hurts...
Sorry for not being middle aged
Sorry for having a full head of hair
Sorry for having full control over my bowel movements
I really don't know where to stop, I do apologize...
Perhaps using the word "newbie" was a bit harsh, but your statement that this was a "brief adventure" for REFCO on the CBOT was completely FALSE.
And that statement was quickly refuted by Pabst, a veteran CBOT trader.