The CEO signed off on the REFCO financial statements per Sarbannes-Oaxley. That is why this whole fraud is so shocking. Trust me, he will definitely get his just due and I am sure that there is a State Attorney General or District Attorney that will make sure of that!
Has anyone heard anything about FXCM or ACM? Are they freezing accounts? Doesnât seem like they would have any liquidity providers or places to offset riskâ¦
EUR, GBP, AUD accounts with RefcoFX probably frozen right now. www.google.com/search?q=cache:Sr2eo...-clients/deposit-funds/bank-wire-non-usd.html
I meant they are paying these execs & CEOs millions of dollars and I assume that if you are gonna pay such high compensation that you would expect the CEO would be making sure that this type fraud would not be happening. Refco is a severe case, yet it does not change the fact that this guy was in a position of power to ruin the company at the expense of shareholders & employees. So he will go to white collar prison to play golf and live in better conditions than most of USA, while a whole company is ruined. My whole point is that whatever happens to the shareholders & employees is deserved. This is far from the first time that anything like this has happened and it is certainly far from an anomaly in the corporate world. Corporate fraud by execs keeps increasing along with their compensation, yet no reforms have taken place.
I don't think they are frozen ,at least not for the time being. As many others have said -if in doubt wire the money out and sit tight for a while. It is what an awful lot of others are likely to be doing and so even if these other areas of Refco and fine they could still face a liquidity crisis. If it all blows over then use them again.
Delphi and others went into bankrupt court for the age old problem of greed. This new CEO at Delphi is stiffing the workers and in the same breath says the need to increase the pay of the execs is extremly important so "NOT TO LOSE IMPORTANT EXECUTIVES" What a sick joke, Who Put Delphi in bankrupt court? The boys and girls in the exec suite did, not the workers. The facts are clear, America is going down the tubes because rather than bring up the wages of the other countries relative to our "LIVABLE" wages, it is better to blame the greed of the top brass on the lowly workers. Then move the jobs out of the country and get fat on the increased profits. I ask you this question: Is a car assembled in Mexico or whereever any cheaper when displayed in a Chicago or New York showroom? They take away healthcare, pensions, dignaty etc. Then pat themselves on the back and puff out their chest. This country had better get real soon or else all that money will be the first to leave as soon as the roof falls in on what once as a great place. Now time to watch a ball game before i get upset discussing how the fat cats are stealing your childrens future. Good trading to ya all.