Then why did IB bid later on?? Beside, shouldn't you keep your mouth shut being a representative of IB?! You are somehow insinuating or hinting that there are more to it than what is on the surface...Watch out what you say Mr. IB!
Quote from def: "if you knew all the details and conditions you'd have a better understanding of why no one else bid the first weekend."??? What do you know that will make us understand why no one else bid the first weekend??? Do you, being a representative of your company, or your company for that matter know something that the general public does not?
As an IB customer with multiple accounts, I hope IB's proposed acquisition of Refco doesn't impair IB's status as one of the only decent retail trading firms in the market.
It was publicly reported that in those first few days, conference calls with the Refco BoD involved 'a lot of screaming and cursing.' FYI: in this day and age directors can go to prison for this sh*t. Likely nobody but Bennett had a handle on how deep the trouble ran, and not only was he likely not talking, but he had less than zero credibility anyway so there was nothing he could say. That certainly led potential bidders to take pause. Of course neither Def or anyone else at IB can directly comment on what it was like then. Obviously that would be inappropriate.
it doesn't matter 'what it was like then'... fact is flowers, who is a pretty credible guy when it comes to turning around failed businesses, made a bid 'then' and Def can say what he wants, IB etc didn't have what it takes to act within the same timeframe... instead they were running full-page adds everywhere to poach refco custies... not pretty, but hey, this is a mean world innit!
Gonna have to change that handle to 0.5cents. Flowers bid early 'cause he had the inside skinny from Goldman, or Goldman had his back one way or another. Anyone else would have had to bid blind ...
Bingo!! IB's intention through their advertisements and deep discounts is to add on the already happening exodus so when the 4th of the month comes, they will be putting a bid on a cheaper company...it is a steal!!!! I also get the feeling, I might be wrong though, that IB and many of its people are also following up on such campaign by tacitly giving ambiguous statements, such as def, on any available outlet to further promote such exoduses. Legal??......Possibly! Ethical??...... definetly not!! By the way, I for one will not touch IB with a 6 foot stick. Peace!!