...and now, the rest of the story:
Refco was Hillary Clinton’s silent partner in her $100,000 cattle futures miracle in Arkansas.
Refco went down after a large sum of forged bearer bonds were found in its vaults, in addition to almost half a billion in hidden debt on its books.
Now, here’s a simple mental experiment...ask yourself: IF PRESIDENT BUSH WAS INVOLVED WITH REFCO, WOULD THE REPORTER HAVE MENTIONED THAT FACT?!
No mention of Hillary in that article, though. Double standard.
The Clinton cattle-trading scheme, well, let's just say that Hitlery was not the only beneficiary. This was a routine way for Stevens to route payoffs.
The tactic used to do this was called ''allocation''. Oh, yes, it was improper as hell, and later became outright illegal, but in the 1970s allocation was pretty common in certain areas. Works like this:
During a trading session, a broker buys, say, 500 lots of Dec Live Cattle futures on several tickets. He gets filled at prices ranging from, say, 78.62 to 80.05. The mkt, say, closes at 79.75. AFTER THE CLOSE, the broker assigns whichever contracts are now profitable to favoured accounts, and the contracts that are currently losing to less-favoured accounts.
Now, ultimately, these contracts must be offset (i.e. a sale must be made against them to close them out, because nobody in a payoff scheme wants delivery). So, whether the next day or a couple of weeks hence, the broker does the same thing in reverse: selling 500 lots, then after the close parceling them out to clients involved in the scheme, most favoured getting, again, the best prices.
Please note that, during the 1970s, a LOT of trading accounts were entirely DTN, that is, the citizen gave -- in writing -- the broker complete discretion over how to trade his/her account. Thus, in a number of these allocation schemes, the account holder was completely unaware of what was happening (and, had he/she known about it, probably would have raised holy Hell.)
Almost every abuse of this type has been stopped; 'allocation', particularly, is just a dim historical memory.
Side note: I knew Hitlery's broker, ''Red'' Bone, personally for a number of years. He was as charming a man (except when losing at gin rummy, but that's another story) as you've ever met...as long as you were in some way contributing to his profit. Other than that, his tombstone should read: ''Shake my hand? Count your fingers.''
One other thing: in its early days, REFCO gave many local offices an **enormous** amount of autonomy. In these more-autonomous offices, as long as the books balanced and nobody in the office ran afoul of CFTC, REFCO usually acted as if they couldn't have cared less what else might be going on/have gone on in the office.
Pinging the double standard which is SOP for the left wing mediots in America.
“Refco was Hillary Clinton’s silent partner in her $100,000 cattle futures miracle in Arkansas.
Refco went down after a large sum of forged bearer bonds were found in its vaults, in addition to almost half a billion in hidden debt on its books.
Now, here’s a simple mental experiment...ask yourself: IF PRESIDENT BUSH WAS INVOLVED WITH REFCO, WOULD THE REPORTER HAVE MENTIONED THAT FACT?!
No mention of Hillary in that article, though. Double standard.”