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To: rlmorel

As I recall the info that came out at the time was that she gave $1,000 to a guy who was trading cattle futures. As he was buying and selling for a number of folks he got to assign which “sales” would be attributed to her account. So the sales that produced he gave to her. In other words, other people were screwed so she could make out big. I don’t recall that he went to prison. Nor did she ever acknowledge impropriety or make restitution. As she had already gotten away with even bigger things as this came out, Whitewater, Rose Law, etc. not much was really ever made but she has been filthy corrupt since AT LEAST the cattle futures fraud.


32 posted on 09/29/2016 5:18:39 AM PDT by wastoute (Government cannot redistribute wealth. Government can only redistribute poverty.)
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To: wastoute
As I recall the info that came out at the time was that she gave $1,000 to a guy who was trading cattle futures.

The trades were done thru Refco. The counterparty to those trades was Tyson Foods. The trades were done in a sharply rising cattle futures market. As the price of cattle goes up substitution takes place and the price of chicken follows it. In order to secure their profits in the rising market Tyson sold futures contracts via Refco and the counter-party was HRC. All the trading was done in the name of Refco "for clients" and the contracts matched at the end of the day.

The incredible thing about HRC's profits was that they were made in small re-trenchments in the rising market. A Florida Statistics professor who examined the trades in detail calculated the probability of repeating what she did as one in 8-10 Trillion

For Tyson this was a win/win situation. As part of their normal business operations they trade the cattle futures market so losses on the trades are deductable against any profits they make in the futures market. In effect they were able to give a tax deductable bribe to HRC.

36 posted on 09/29/2016 6:11:49 AM PDT by Timocrat (Ingnorantia non excusat)
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