With all due respect, are you just here to bash away or do you actually have funds with Refco Capital Markets or Refco LLC.? You need to do your homework on this. Your understanding of REFCO and its divisions is quite lacking. But then again, perhaps you are just here to bash away . . . It certainly seems like it given your last post. From the Associated Press http://biz.yahoo.com/ap/051013/refco.html?.v=7
It seems that Prime Brokerage is part of Capital Markets, where the money is being frozen for 15 days. Anyone use Refco as their Prime? And who is moving, and to where for Prime?
i am not and plse dont do like some idiots on these forums who doubt this / think that just trying to read b/w the lines of other posters 1) i have clients with accts at ACM and FXCM, 2) your correct i dont have access to refco's corp structure / roll-up tree, nor to its cfo right now to know the exact liquidity situation of the whole group, 3) i have however some first-hand expe of financial meltdowns and i know how it feels in hindsight, therefore also know i don't need ANY of that risk, 4) question for u, easy to stay put if u have no money with the group, but what r u gonna do for me if my clients get stuck?? u going to issue me a guarantee right now? guess not, thats why i instructed all my clients to pull out on Tues imagine what most of the guys, money managers etc with accts with anything refco must have been doing until now...
For someone that says that they have client money in ACM and FXCM, I am surprised that you have the time to post on this website, let alone your total lack of understanding of the organization of REFCO as a whole. Very strange . . .
I have many futures clients at Refco and they are all (except 1) staying put...their choice not mine! The prime brokerage issue is a problem, but after the credit downgrades of yesterday they can no longer afford to finance the 'Hedge Funds' cuz they themselves are now paying more for the finance etc than they are offering to their clients!!! Peace & Profit
what makes u think everybody shld know the org of refco as a whole??? care to post a corp org chart / roll-up tree perhaps? dont understand yr comment re having the time etc... all my clients except 2 have already pulled out, monies shld hit their accts tomorrow, why wldn't i have the time to post??
How you can attempt to bash other people on here is beyond me - you look discredited. All you have said over the past few days is no problems at Refco, just accounting issues, $430m been repayed etc etc. Anyone who has money with any company within the Refco strcuture is a fool if they don't withdraw it, if they still can. These situations are all about liquidity and at the moment there will hardly be any. If the situation calms down then pay your money back in if you wish but what is the benfit of keeping money there for now?