Refco's in the toilet... - Chicagoland Sportbikes
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post #1 of 18 (permalink) Old 10-13-2005, 03:30 PM Thread Starter
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Refco's in the toilet...

and Phil Bennett flushed us down.

Why do you care? You don't.

I do because I'm an employee of Refco LLC. For how long? A week, a month, not sure.

The only way you'd care is because the general public loves drama. So here's some for you.

We went public under two months ago...and within the last two days, have lost about 80% of our worth. I'm no market analyst...but that can't be good.

You may see me posting in the employment thread shortly.

End transmission.
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post #2 of 18 (permalink) Old 10-13-2005, 03:32 PM
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man several jobs ago, RefCo was a customer of mine. You guys were / are a pretty big player on the merc floor right?

<-- Chris

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post #3 of 18 (permalink) Old 10-13-2005, 03:34 PM
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Wow, I just interviewed with RefCo a few months ago, I guess I'm glad they never called me back...

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post #4 of 18 (permalink) Old 10-13-2005, 03:35 PM
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I'm an analyst and trader. And it's not good. It's truly sad the CEO played everyone like that and even more sad First Boston, Bank of America, and all the auditors allowed Refco to go public and didn't catch the 500 million bucks he was hiding Sorry you got caught up in this bro.

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post #5 of 18 (permalink) Old 10-13-2005, 04:01 PM
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I almost used them to trade currencies...thank goodness I didnt, the froze all the FX accounts today

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Originally Posted by VCook
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post #6 of 18 (permalink) Old 10-13-2005, 04:06 PM
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Quote:
Originally Posted by Kaos968
I almost used them to trade currencies...thank goodness I didnt, the froze all the FX accounts today


I used to take care of their FX futures clearing when I worked for First Options. They were definately a big player in FX. It's going to cause a lot of changes in that part of the business

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post #7 of 18 (permalink) Old 10-13-2005, 04:55 PM
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Sorry Bro

http://chicagobusiness.com/cgi-bin/news.pl?id=18104

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post #8 of 18 (permalink) Old 10-13-2005, 05:15 PM Thread Starter
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I posted in annoyance, not so much a cry for pity.

Yes, Crazy, apparently they were moving it off the books into a different company the day before the quarter announcements/statements and then moving it back on the next day....for 5 years lol!

It'll be a good excuse to do something better with my time. I've worked here for 5 years in February...where the hell did that time go?

Clearwaters, Yes we are a big percent of the Merc's action. So much that since all this drama happened, the Merc's stock has dropped around $50 since Monday. Not saying Refco had everything to do with this...but traders/accounts are jumping ship.
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post #9 of 18 (permalink) Old 10-13-2005, 05:16 PM
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We sold off our futures division to Refco back round 00 - 01'.
(we being FOC)


sorry to hear this.

"The first attempt is always the most difficult."
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post #10 of 18 (permalink) Old 10-13-2005, 05:18 PM
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Whoa! They're one of our clients though not a big one.

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post #11 of 18 (permalink) Old 10-13-2005, 05:20 PM
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Quote:
Originally Posted by geewiz
We sold off our futures division to Refco back round 00 - 01'.
(we being FOC)


sorry to hear this.
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post #12 of 18 (permalink) Old 10-13-2005, 05:38 PM
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That sucks that you got caught up in this. Their retail FX trading has always had a shady reputation, but never imagined something this big would happen. Hopefully most of the business will survive, although it will most likely go through some painful restructuring. Unfortunately, nobody will want to keep an account with them after all this happened.
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post #13 of 18 (permalink) Old 10-13-2005, 05:55 PM Thread Starter
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Quote:
Originally Posted by hoezx6r
That sucks that you got caught up in this. Their retail FX trading has always had a shady reputation, but never imagined something this big would happen. Hopefully most of the business will survive, although it will most likely go through some painful restructuring. Unfortunately, nobody will want to keep an account with them after all this happened.
I agree...why would they? They can simply cash out, change firms, and get right back to trading without worrying about what will become of Refco and their money.
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post #14 of 18 (permalink) Old 10-14-2005, 10:20 AM
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Quote:
Originally Posted by geewiz
We sold off our futures division to Refco back round 00 - 01'.
(we being FOC)


sorry to hear this.

lol...I used to work on those accounts for FOC. I didn't know there was another person from here that worked there. Rdrash works there still too

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post #15 of 18 (permalink) Old 10-14-2005, 10:24 AM
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REFCO, First Opt, O'Connor...we should have a CBOT/CBOE/CME lunch again...and bitch about our business.

Kaos



Quote:
Originally Posted by Crazy
lol...I used to work on those accounts for FOC. I didn't know there was another person from here that worked there. Rdrash works there still too

Quote:
Originally Posted by VCook
dude, you are the quintessential stoner.
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post #16 of 18 (permalink) Old 10-14-2005, 10:48 AM
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Quote:
Originally Posted by Kaos968
REFCO, First Opt, O'Connor...we should have a CBOT/CBOE/CME lunch again...and bitch about our business.

Kaos

lol.....I was offered a job at O'Conner once too. Would've gone if FOC didn't counter offer. We should have a re-union. And we should bitch about our business. ...it's changed for the worse

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post #17 of 18 (permalink) Old 10-14-2005, 11:02 AM
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Quote:
Originally Posted by Crazy
I didn't know there was another person from here that worked there. Rdrash works there still too
Yep, I one one of 3 that built the network in the old LIT space at the CBOT way back when.
I've been with the firm for 8 years. (It's Goldman now.)
Rdrash sits 6 feet away from me. (I'm still debating whether that's good or bad! )

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post #18 of 18 (permalink) Old 10-14-2005, 07:50 PM
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Saw this on Yahoo's front page -top stories

http://news.yahoo.com/s/nm/20051014/...ncial_refco_dc
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