The next refco?

Think about it.

We know full well that no one can be trusted 100% and every transaction with an entity other than the Govt (and who knows, maybe that's not 100% either), has a risk of FRAUD and MALICE.

The whole system is based on a certain TRUST that is built up over time. It is really not possible to function properly unless you accept certain risks.

Now, the NYSE knows all this full well. The TAINT that a stock like RFX carries, is poisonous to the game of TRUST.

Thus, they bury such carcasses with great haste.
 
"every transaction with an entity other than the Govt (and who knows, maybe that's not 100% either), has a risk of FRAUD and MALICE."

are you serious when you say maybe?
:)
 
Quote from zdreg:

stock777- this is hard to believe-jim rogers- http://www.thestreet.com/_yahoo/mar...47967.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA

somehow i believe jim will come out ok.

for the rest it is fully believable. wall street is made up of people who are nothing but"thieves in white shoes>"


what is bothersome is the delisting of securities by the nyse and the nasd turining these companies into bulletin board stocks because they have such high standards and don't wish to dirty their hands in unwholesome merchandise. first these firms bull these stocks and then they hand them over to their pink sheet people where they can make greater profits as the spread widens.
More...

interesting also is that persons or entities as mentioned above also got caught....
this was not obvious as some of the posters state...
Think about it, we are talking about hundreds of millions/billion? losses...not every one was stupid.....we are/were totally mislead intentionally ?...wilful blindness?...

Even once the new started to come out and the stock was halted that was no reason to ever expect the stock to go from 30-1 in 2wks based upon the picture....
20yrs plus old, quality underwritting, financials, worldwide corp.,
need I go on..

w
 
as state above .....

if it happened here.....

it can happen anywhere.....anytime....

we only know what we are told and or provided....

we trade upon our perception of things being tangible.....

w
 
Anyone that says this was 'obvious' is full of carp. And the other thing too.

Now Gretchen M. over at the New York Times did a piece on this Sunday, and as usual it was factually correct.

Thing is, if you dig deep enough, every firm has something that would give you pause. If you raise your standards that high you would effectively be paralyzed.

As for the gov't not paying off on a Bond, well, it's possible, the gov't may fail, there may be a revolution, or a Black Swan might take a dump on the White House lawn.
 
the government always pay off with a by printing money resulting in a depreciating if not worthless currency and/or new currrency.
i suspect that you live in the US or a western european country and don't think it is possible.
look at history even from the period after world war 2.
 
Quote from PTrecon:

GHCO the next REFCO?
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Do you know something that we all don't PTrecon??

Care to be more specific :D :D :D

Be careful however with what you say because their reaction is typically :eek: then :mad: and then the legal action. Censorship of the thread lurks somewhere inbetween of course.
 
Quote from Apex Capital:

:D
Risk, you hit the nail right on the head, as usual my boy!

Seriously, some of the logic that I have seen exhibited on ET regarding the REFCO situation is a very sad reflection of how incredibly ignorant our society has become. It took almost about 50 posts before most people here figured out that the 15 day moratorium on the withdrawal of funds had to do with REFCO Capital Markets, and NOT REFCO LLC where most people's segregated futures accounts are held. Moreover, few people here have even exhibited the slightest understanding of what the CME and the Exchange Clearing Corp's role is in this with regard to the segrerated accounts of REFCO LLC.

No one wants to make sure that they post factual information.
No one wants to actually use their brains and think for a moment.
It must be far too difficult.
How sad.
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Please fill me in.
I understand that historically failures of commodity brokers in the US, albeit few, have never made account holders lose money? Is this accurate?
 
Quote from zdreg:

the government always pay off with a by printing money resulting in a depreciating if not worthless currency and/or new currrency.
i suspect that you live in the US or a western european country and don't think it is possible.
look at history even from the period after world war 2.
More...

Oh no! Not the Banana Republic argument again....

LOL....I love it.
 
Quote from nononsense:

Please fill me in.
I understand that historically failures of commodity brokers in the US, albeit few, have never made account holders lose money? Is this accurate?
More...

No, this is not accurate. Customers lost their segregated funds in a number of futures broker bankruptcies in the United States, sometimes due to trading losses by other customers, and sometimes due to embezzlement by the broker. The most recent futures broker bankruptcy, in which customers lost funds, occurred in 1989. See http://www.sec.gov/rules/proposed/s71701/sexton1.htm#P122_25856.
 
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