Saturday, October 15, 2005
Refco To Be Bailed Out?
A reader sent in this link. "Regulators ask Goldman Sachs, others to bail out Refco. Senior regulators at the Chicago Mercantile Exchange and Commodity Futures Trading Commission have asked Goldman Sachs Group Inc. and other firms to buy or assume financial responsibility for Refco Inc.'s massive futures-trading operation, the Wall Street Journal reported after Friday's closing bell, citing unnamed people familiar with the matter."
"Any buyer would likely be expected to guarantee deposits of the unit and allow traders to unwind their positions, the Journal noted. An unnamed person familiar with Goldman Sachs' thinking said the firm isn't interested, according to the Journal. Earlier in the session, Refco said it was unwinding trades at its broker-dealer unit, a day after the commodities and financial-markets broker shut its capital-markets unit in the midst of a scandal."
"Any buyer would likely be expected to guarantee deposits of the unit and allow traders to unwind their positions, the Journal noted. An unnamed person familiar with Goldman Sachs' thinking said the firm isn't interested, according to the Journal. Earlier in the session, Refco said it was unwinding trades at its broker-dealer unit, a day after the commodities and financial-markets broker shut its capital-markets unit in the midst of a scandal."
# posted by Ben Jones @ 7:07 AM 
