The quick solution to this matter would be for the CFTC like the Fed Reserve did with LTCM should in essence encourage/coerce competing FCMs â FIMAT, Man or even Goldman (who is their âfinancial advisor and underwriter", Goldman could very easily merge REFCO LLC with the old SLK now known as GSEC) to assume the client accounts of REFCO LLC. This way they prevent the firestorm mass exit that could cripple the firm and harm ALL parties. Instead the CFTC just keeps issuing stupid press releases while REFCO is being pummeled to death by fleeing customers. The point here is that REFCO LLC apparently should be a able to remain a viable business but without a white night the liquidity crisis and crisis of confidence will destroy every unit of REFCO and possibly (God forbid) many account holders and employees. Finally, HOW COULD EVERYONE miss this â the underwriters, investment banks, internal audiotrs, CFTC, other regulators, TH Lee, external auditors ( Grant Thorton). This is crazy. The SEC is chasing hedge funds to register, but the SEC/CFTC can not regulate massive enterprises. Our financial system is far weaker than we think and it makes me shudder in frightâ¦â¦â¦â¦â¦.. P.S. Why do people do bad things? Why did Bennet & Maggio do what they did? And how do you lose $500M. WHy not pull the plug on the customers, why no internal risk control to prevent customer/customers from exposing REFCO to such losses/ SO many whys?