[n-tres-ted]

All this talk about REFCO "trading" has me a bit confused. Did REFCO blow $430MM trading in their own account and then hide it or did they fail to collect $430MM in margin collateral from their customers and then hide that, or did the CEO simply steal $430MM from the company and then try to ponzi his way out of it? I've read several articles on this and not one author has demonstrated the slightest knowledge of what actually happened.

Some are saying the $430 million is related to an illegal practice of naked short selling which REFCO implemented on behalf of clients. I don't know what REFCO did, so I will link here in case it may be helpful to you and others. http://bobosrevenge.blogspot.com/

[cdrw]

Whoaa!! So much for my earlier comment about the pits being untrustworthy. This Refco thing may be bigger than I thought.