I'm reading Neil Barofsky's book BAILOUT. Not 50 pages into it I discovered Refco was always in financial trouble requiring daily loans to stay afloat. They had a cronic Wall Street scammer constantly cooking the books for reporting agencies, etc. This was long before they made disasterous trades and went BK. I still remember Paul Tudor Jones relating the time he foolishly made a large offer on the Cotton Exchange and the Refco trader came running across the floor yelling SOLD!!! PTJ knew he was screwed then and there. Sorry to admit I was deceived by Refco's reputation as a huge trading organization.