Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (39128)	10/13/2005 12:46:16 PM
From: Chispas	Read Replies (2) \| Respond to of 116555

'Bird Flu' ?, there's also 'stock murder' going on ! <G> : Refco Inc. said on Thursday that its Refco Capital Markets Ltd. unit doesn't have enough liquidity to keep operating as the futures broker reels in the midst of a scandal.d to portfolio Refco also said it's hired Arthur Levitt, former chairman of the Securities and Exchange Commission and chairman of the American Stock Exchange, and Eugene Ludwig, ex-U.S. Comptroller of the Currency and chief executive of Promontory Financial Group LLC, as special advisors to its board of directors. Shares of Refco, the largest independent futures broker in the U.S., have slumped this week as a scandal emerged allegedly involving Chief Executive Phillip Bennett and as much as $545 million in hidden debt. Bennett has been arrested and was charged on Wednesday with securities fraud by the U.S. Attorney for the Southern District of New York in Manhattan. See full story. Refco stock slumped 27% to $7.90 on Thursday morning before trading was halted. The shares have lost more than two-thirds of their value this week. Refco also said on Thursday that regulatory capital and excess regulatory capital at Refco LLC, its regulated Futures Commission Merchant, and Refco Securities LLC, its regulated broker dealer, have been substantially unaffected by the scandal. "The business at these subsidiaries is being conducted in the ordinary course including customer deposit and withdrawal of segregated funds," the company said. .................... Reg. Site marketwatch.com