famed trend follower JWH is on Refco BK list for over 50 million. hopefully, his investors get their capital returned. surfer
Jim Rogers also, for a couple hundred mil, just moved it to Refco as of Sept 30 talk about bad timing...
btw, for all you "you MUST have a PhD/MBA to enter the market and trade it successfully / manage a hedge fund" trader wannabes --- JWH has A HIGH SCHOOL DIPLOMA ONLY. *lmao* The 39-year-old commodities fund manager switched colleges as aggresively as he trades financial futures and currencies, attending four without graduating. Last year, his currencies, which account for half the $200 million he manages, were up 47%. http://www.streetstories.com/jwh_fw_top100.html sKaLpZ
how come mark fisher is not on that list? he is considered one of the top floor traders and has made a few others millionaires also www.streetstories.com/default.htm
Because of what happened at Refco I was wondering if there is no way to protect investors against banks and brokers. I was thinking about the following: The money deposited at the broker or FCM has to be limited to the absolute minimum. The investor will deposit a bank guarantee for the additional funds to reach the margin level. In case of losses the broker will ask the bank to pay for the losses if the investor agrees. Payment should occur within 12 hours. If the investor refuses to pay due to a dispute, the bank will block 150% of the amount of the proven losses. This money cannot be withdrawn anymore by the investor nor buy the broker till the dispute has been settled. Would any broker accept this? Well, if we join forces and go as one group with a heavy volume, there will surely be parties that are interested to accept these conditions. The way things are now is crazy. People give millions of dollars to others without any guarantee at all.