Saturday, October 15, 2005

 

Goldman Saks On Refco: No Thanks

The New York Post has this update on the Refco bailout. "Goldman Sachs last night apparently rejected pleas from government regulators to take over the tottering commodities trading powerhouse Refco."

"Goldman said a purchase would conflict with its role as Refco's underwriter and financial adviser, for which it was hired yesterday."

"The regulators, from the Commodities and Futures Trading Commission and the Chicago Mercantile Exchange, hoped to calm fears that Refco's collapse could disrupt capital markets across the globe. Goldman and Refco spokesmen did not return calls seeking comment."

Comments:
Yea, from what I understand they probablly will not survive unless a company rescues them.

Confidence is gone and without the commitment from a serious institution they could be finished.

No Liquidity, no money in and everyone trying to get out.

CEO is a real dumbass, what he did is the type of manipulation/fraud done 10 and 20 years ago. They say it will be a fast court case as these things go-easily followed paper trail. A real dumbass.
 
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