View Full Version : Gambling with (other peoples money)

10-16-2005, 10:48 PM
If Refco Isn't Scary, What Is?
Published: October 16, 2005

Financial market tremors or not, there is plenty to be afraid of in the Refco mess. First, of course, is the frightening spectacle of the company's chief executive, Phillip R. Bennett, hiding a personal loan from Refco worth almost half a billion dollars from his shareholders, as described by prosecutors in their suit charging him with securities fraud. Then there is the inability of Refco's auditors or investment banks to notice the repeated shuffling of this loan on and off the company's balance sheet.

10-17-2005, 03:01 AM
Please don't reproduce the full text of copyrighted material on this message board. I had to edit your post to display just the first paragraph. If you would provide a link to the rest of the article, I will be happy to include it in your post.