http://www.freerepublic.com/tag/refco/ en-us Tue, 8 Jul 2008 11:52:04 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2042306/posts NEW YORK -- Phillip R. Bennett, Refco Inc.'s former chief executive officer, was sentenced to 16 years in prison Thursday for his role in a scheme to hide the commodities broker's financial troubles. At a hearing, U.S. District Judge Naomi Reice Buchwald in Manhattan said white-collar defendants such as Mr. Bennett often "just don't think they'll get caught." "You and others like you play a truly high-stakes poker game," the judge said. The judge didn't impose a fine and said restitution will be discussed at a later date. Mr. Bennett has agreed to forfeit essentially all of his assets. The... wsj http://www.freerepublic.com/focus/f-news/2042306/posts#comment Tue, 8 Jul 2008 11:52:04 GMT http://www.freerepublic.com/focus/f-news/2040654/posts NEW YORK (Reuters) - Phillip Bennett, the former chief executive of Refco, was sentenced to 16 years in prison Thursday for fleecing investors of more than $2.4 billion in a fraud that destroyed the world's largest independent commodities broker. The sentence marks the latest chapter in the decline and fall of Phillip Bennett, 59, who built Refco into a global commodities trading empire only to see it unravel in 2005 after the company disclosed an accounting deception. ... Bennett, who at Refco's peak was a billionaire, but will forfeit all his assets as part of his sentence, was penitent on... Forbes http://www.freerepublic.com/focus/f-news/2040654/posts#comment Fri, 4 Jul 2008 11:15:16 GMT http://www.freerepublic.com/focus/f-news/1656594/posts There are 20+ million readers of FR. Most everyone of them are among the most intelligent Americans that exist today. This is a 1-hour presentation about a scandal that dwarfs Enron, a scandal that should be as important in our thinking as the War on Terror and in fact interplays with WOT. Once America has an understanding of this scandal, the revolution that ensues will change American markets and politics as severely as the Great Depression transformed American society of the 1930s and 1940s. The revolution this scandal will generate could go in any direction. It is the duty of... Sanity Check http://www.freerepublic.com/focus/f-news/1656594/posts#comment Tue, 27 Jun 2006 18:53:59 GMT http://www.freerepublic.com/focus/f-news/1508027/posts Sunday, October 23, 2005 The $10 Billion REFCO Smoking Gun The listing for the assets and liabilities of REFCO was just made available, and guess what just happens to be hiding in the liabilities column? A $10 billion liability, at TODAY's mark to market valuation, called "Securities sold, not yet purchased." $10,590,379,000 - to be precise. Securities that have been sold. But they haven't been bought. Welcome to the wonderful world of naked short selling. Now, one might say, "hey, wait a minute, but Thompson of the DTCC said it's only a $6 billion per day problem." Only. http://www.ncans.com http://www.freerepublic.com/focus/f-news/1508027/posts#comment Mon, 24 Oct 2005 05:31:49 GMT http://www.freerepublic.com/focus/f-news/1507906/posts If you want to know what a modern bank run looks like, consider the case of the giant commodity trading firm Refco. It went public in mid-August, but in the course of the past week it has gone from $4 billion stock-market darling to carcass. The proximate cause of the meltdown was the surprise disclosure on Monday, Oct. 10, that an entity controlled by CEO Phillip Bennett had owed $430 million to the company. A week later, trading of the stock has been halted and vultures are picking over Refco the way hyenas gnaw on the remains of wildebeest. Refco... msn.com http://www.freerepublic.com/focus/f-news/1507906/posts#comment Mon, 24 Oct 2005 00:39:12 GMT http://www.freerepublic.com/focus/f-news/1506714/posts Refco, one of the largest futures trading firms in the world has declared bankruptcy and its chairman is being charged with a number of felonies. The following paragraph from a Washington Post article might jog the memories of some of us older timers. A close examination of her individual trades underscores Blair's pivotal role. It also shows that Robert L. "Red" Bone, who ran the Springdale, Ark., office of Ray E. Friedman and Co. (Refco), allowed Clinton to initiate and maintain many trading positions – besides the first – when she did not have enough money in her account to... Newswires,Washinton Post, others http://www.freerepublic.com/focus/f-news/1506714/posts#comment Fri, 21 Oct 2005 16:45:55 GMT http://www.freerepublic.com/focus/f-news/1504363/posts NEW YORK (Reuters) - Troubled commodities brokerage Refco Inc. said on Monday it had filed for bankruptcy protection as it struck a deal to sell its core futures brokerage business to a group of private equity investors for $768 million (439 million pounds). New York-based Refco said it and certain subsidiaries filed for bankruptcy protection on Monday as part of the memorandum of understanding with investors. None of Refco's regulated subsidiaries -- its futures brokerage business, which is conducted through Refco LLC, Refco Overseas Ltd. and Refco Singapore Ltd, and its broker-dealer, Refco Securities LLC -- filed for bankruptcy... Reuters http://www.freerepublic.com/focus/f-news/1504363/posts#comment Tue, 18 Oct 2005 04:50:35 GMT http://www.freerepublic.com/focus/f-news/1503358/posts Refco was a train wreck just waiting to happen URBANE banker or crook, call Phillip Bennett what you want, but those who have met him are starting to realise they never knew the man beneath the sharp suits. Until last weekend Bennett was chairman and chief executive of Refco, one of the world’s biggest futures brokers. Today he is chairman of nothing, under house arrest and the former dollar billionaire will be lucky if he is left with a billion dimes. The British-born Cambridge graduate is at the centre of a scandal that could turn his firm to vapour. It... timesonline http://www.freerepublic.com/focus/f-news/1503358/posts#comment Sun, 16 Oct 2005 12:23:56 GMT http://www.freerepublic.com/focus/f-news/1502855/posts In an attempt to bring stability to the crisis at Refco Inc., regulators have asked Goldman Sachs Group Inc. and other firms to buy or assume financial responsibility for its massive futures-trading operation, people familiar with the matter said. The approach, made by senior regulators at the Chicago Mercantile Exchange and Commodity Futures Trading Commission, may calm fears among investors, lenders and trading partners who have been increasingly concerned about the future of the company. Any buyer would likely be expected to guarantee deposits of the unit and allow traders to unwind their positions. With $4.1 billion in customer futures... Wall Street Journal http://www.freerepublic.com/focus/f-news/1502855/posts#comment Sat, 15 Oct 2005 04:13:16 GMT http://www.freerepublic.com/focus/f-news/1502886/posts World's hedge funds face crisis as Refco suspends trading · Leading global broker admits 'liquidity problem' · Billions of pounds could be tied up in frozen deals Jill Treanor Friday October 14, 2005 A crisis in the world's hedge fund industry was in prospect last night after one of the world's largest derivatives brokers was forced to freeze trades potentially worth billions of pounds. The move by Refco, which acts for many leading speculative investors both on Wall Street and in the City, followed the discovery of accounts irregularities at the firm earlier this week and the issue of fraud... The Guardian (UK) http://www.freerepublic.com/focus/f-news/1502886/posts#comment Sat, 15 Oct 2005 06:30:39 GMT http://www.freerepublic.com/focus/f-news/1501859/posts NEW YORK (AP) -- Refco Inc., the commodities broker mired in an accounting scandal in which its chief executive hid bad debts from shareholders and regulators, said Thursday it will freeze customers' accounts in one of its subsidiaries for 15 days because it may not have enough cash on hand to operate normally. Refco Capital Markets Ltd., an offshore broker for stocks, bonds and currencies, is the subsidiary that former CEO Phillip Bennett, 57, allegedly used to help hide up to $545 million in bad debts. Bennett was indicted on federal charges Wednesday that he caused Refco to file... Associated Press http://www.freerepublic.com/focus/f-news/1501859/posts#comment Thu, 13 Oct 2005 17:13:33 GMT http://www.freerepublic.com/focus/f-news/1500131/posts NEW YORK (AP) -- One of the world's biggest commodities brokerages Monday said its chief executive took an indefinite leave of absence after the company discovered he had secretly transferred $430 million of the company's assets to a firm he controlled. Refco Inc. also said its financial statements since 2002 "should no longer be relied upon" and that it would delay filing its quarterly earnings release originally slated for next week. The news sent Refco shares plunging $12.96, or 45 percent, to close at $15.60 on the New York Stock Exchange. Refco, which became a publicly traded company in... Associated Press http://www.freerepublic.com/focus/f-news/1500131/posts#comment Mon, 10 Oct 2005 23:02:18 GMT http://www.freerepublic.com/focus/f-news/1488493/posts True legacy?? A Chinese company is honoring ex-president Bill Clinton by naming a new line of condoms after him - along with a companion line of condoms that will be named after his ex-girlfriend, Monica Lewinsky........ NewsMax http://www.freerepublic.com/focus/f-news/1488493/posts#comment Wed, 21 Sep 2005 10:38:25 GMT http://www.freerepublic.com/focus/f-news/1325611/posts Borrowing a page from President Bush, New York Sen. Hillary Clinton told a Boston audience this week that prayer has always played a meaningful role in her life - though accounts from her days as a student radical suggest that's probably not true. "I've always been a praying person," Clinton told a crowd of more than 500, including many religious leaders, at Boston's Fairmont Copley Plaza. According to the Boston Globe, the newly religious former first lady "invoked God more than half a dozen times" as she urged society to accommodate religious people who "live out their faith in the... NewsMax.com http://www.freerepublic.com/focus/f-news/1325611/posts#comment Fri, 21 Jan 2005 19:36:39 GMT http://www.freerepublic.com/focus/f-news/1321777/posts You don't have to take it from us about Sen. Hillary Rodham Clinton 's desire to run for president. Her brothers, Hugh and Tony Rodham, say it's true. Friends tell us that the two are cheering Sis on and say she's making all the moves to get ready for the race--presuming she is re-elected by New Yorkers in 2006. U.S. news & World Report http://www.freerepublic.com/focus/f-news/1321777/posts#comment Sun, 16 Jan 2005 11:10:20 GMT http://www.freerepublic.com/focus/f-news/1323737/posts On the eve of President Bush's second inauguration, New York Sen. Hillary Clinton is blasting him as the "fear factor" president who tries to sell his irresponsible agenda by scaring the voters. "The fear factor has become the overriding strategic approach that this administration uses," Clinton complained to the Rochester Democrat and Chronicle. The likely 2008 presidential candidate told the paper that Bush has used scare tactics to rally public support on issues ranging from U.S. policy in Iraq to privatization of Social Security. On Iraq Clinton griped that Bush had even botched the election process, saying that regional balloting... NewsMax.com http://www.freerepublic.com/focus/f-news/1323737/posts#comment Wed, 19 Jan 2005 12:19:49 GMT http://www.freerepublic.com/focus/f-news/1324808/posts Hillary Clinton on Environment Supports oil reserve release & fund conservation Q: Do you support conserving energy?A: I’ve spoken about an energy policy that would include conservation tax credits that the Republicans have blocked. The administration has put forth an energy policy that we couldn’t get through that Republican leadership that my opponent is part of. We need a new Congress. I was pleased when the president did release some oil from the reserve. So we have work to do and it needs to be led by Democrats who understand that we shouldn’t be beholden to big oil. Source:... www.issues2000.org http://www.freerepublic.com/focus/f-news/1324808/posts#comment Thu, 20 Jan 2005 18:38:38 GMT http://www.freerepublic.com/focus/f-news/1322980/posts WASHINGTON - Tomorrow night, with the nation's capital awash in inaugural events, Sen. Hillary Clinton will be delivering a high-profile speech in Boston about politics and youth. She is the keynote speaker at a fundraiser for a group headed by outspoken Boston minister, Rev. Eugene Rivers. Aides to Clinton, a possible Democratic presidential contender in 2008, said she agreed to give the speech a long time ago and said nothing should be read into the timing. New York Post http://www.freerepublic.com/focus/f-news/1322980/posts#comment Tue, 18 Jan 2005 08:55:37 GMT http://www.freerepublic.com/focus/f-news/1322771/posts New York Senator Hillary Rodham Clinton (D-NY) has long been rumored as desperately seeking the democratic nomination for president in 2008. And while many political observers fully expect the power hungry former First Lady to hit the campaign trail within only a few months of being re-elected as a US Senator in 2006, US News & World report claims to have a confirmation of sorts. From USNews.Com's Washington Whispers: Hillary's in… You don't have to take it from us about Sen. Hillary Rodham Clinton 's desire to run for president. Her brothers, Hugh and Tony Rodham, say it's true. Friends... National Ledger http://www.freerepublic.com/focus/f-news/1322771/posts#comment Tue, 18 Jan 2005 00:38:09 GMT http://www.freerepublic.com/focus/f-news/1319671/posts NEW YORK, January 12, 2005 (LifeSiteNews.com) – Abortion crusader and New York Senator Hillary Clinton condemned US President George W. Bush Tuesday, claiming his withdrawal of funding from organizations that commit or promote abortions is harming women. Speaking at an International Women's Health Coalition-sponsored dinner, Clinton claimed that "reproductive health care and family planning service is a basic right," and said this was based on decisions reached at the 1994 U.N. Population Conference in Cairo, as well as the 1995 U.N. women's conference in Beijing, where Clinton gave a keynote address. She argued that the Bush administration has failed to... Lifesite http://www.freerepublic.com/focus/f-news/1319671/posts#comment Thu, 13 Jan 2005 03:02:50 GMT http://www.freerepublic.com/focus/f-news/1320033/posts The Rev. Jesse Jackson praised New York Sen. Hillary Clinton yesterday as "Sister Hillary," after Clinton cited his efforts to overturn the presidential election by challenging the Electoral College vote in Ohio. Speaking at his annual Wall Street Project fundraiser, Jackson said "Sister Hillary" had been an important ally in his fight for those "traumatized by what happened to us as a people and a nation in Ohio." He called Clinton "a light in dark places," who has "stood on the right side of history," according to quotes picked up by the New York Sun. The praise for Clinton came... NewsMax http://www.freerepublic.com/focus/f-news/1320033/posts#comment Thu, 13 Jan 2005 16:32:34 GMT http://www.freerepublic.com/focus/f-news/1319277/posts Amid speculation that she might forgo a run for re-election to the Senate in 2006 in favor of a presidential run in 2008, New York Democratic Sen. Hillary Rodham Clinton has sent an early fundraising appeal that, while directed toward reelection, reads like a trial run for a White House bid. "As the Republicans' number one target in 2006, I have to begin now building resources for the tough fight I face in my re-election campaign," Clinton writes in a letter to supporters. She says her task is made more difficult by "the Republican attack machine out to distract me... National Review http://www.freerepublic.com/focus/f-news/1319277/posts#comment Wed, 12 Jan 2005 17:25:52 GMT http://www.freerepublic.com/focus/f-news/1310634/posts George W. Bush Is Most Admired Man in 2004 Hillary Clinton tops list of most admired women; Oprah Winfrey a close second by Joseph Carroll GALLUP NEWS SERVICE PRINCETON, NJ -- President George W. Bush tops Gallup's annual survey of the "most admired man" for the fourth year in a row. Hillary Clinton leads the most admired woman list, with Oprah Winfrey close behind. Republicans and Democrats differ significantly in their views of this year's most admirable men and women. Republicans overwhelmingly say the president is the most admired man, and also name first lady Laura Bush and national security... http://www.freerepublic.com/focus/f-news/1310634/posts#comment Thu, 30 Dec 2004 02:39:12 GMT http://www.freerepublic.com/focus/f-news/1316590/posts WASHINGTON, D.C. - Assistant Attorney General Christopher A. Wray announced today the unsealing of a four-count indictment charging David Rosen, the former National Finance Director for a candidate for United States Senate in the 2000 campaign, with causing false campaign finance reports to be filed with the Federal Election Commission, in violation of Title 18, United States Code, Sections 1001 and 2. The indictment was returned by a federal grand jury in the Central District of California and unsealed today. The indictment alleges that Rosen, an experienced professional political fundraiser, was responsible for all fundrasing, planning and costs for an... PostItNews.com http://www.freerepublic.com/focus/f-news/1316590/posts#comment Sat, 8 Jan 2005 07:44:08 GMT http://www.freerepublic.com/focus/f-news/1316578/posts [snip]The affidavit said the true cost of the event "was deliberately understated in order to increase the amount of funds available to New York Senate 2000 for federal campaign activities." Mrs. Clinton was first lady at the time of the gala.     The indictment comes at a time when Mrs. Clinton is considered a potential Democratic presidential candidate in 2008, and faces potential challenges in 2006 for her Senate seat from former New York City Mayor Rudolph W. Giuliani or New York Gov. George E. Pataki. [snip]Two of the event's organizers were Hollywood producer Peter F. Paul and charity fund-raiser Aaron... Washington Times http://www.freerepublic.com/focus/f-news/1316578/posts#comment Sat, 8 Jan 2005 06:48:47 GMT