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Matching entries from Houston's Clear Thinkers
A daunting jury verdict for deal lawyers
Flying a bit under the radar this past weekend was the dreaded "we're sure as hell not coming back on Monday" verdict that the jury returned on Friday afternoon in the Refco, Inc-related criminal case against Mayer Brown partner,...
The Refco Question
Ellen Podgor has the sentencing memos in regard to former Refco CEO Phil Bennett's plea deal. They are interesting reading, but what they do not answer is the most intriguing question that remains unanswered from the entire Refco affair: Why...
Remember Refco?
Amidst the current turmoil in the financial markets, the recent conviction on criminal fraud charges of a former Refco Inc executive barely registered on the radar screen. The details from the meltdowns from years past are just old news...
A lingering question about Refco
So, Refco's former CEO and chairman Phillip Bennett pled guilty late Friday in a Manhattan federal court to fraud and other charges stemming from the 2005 collapse of the company (previous posts here). Peter Henning analyzes the plea here. Bennett's...
The winds of prosecutorial power
When the Department of Justice decided to prosecute Arthur Andersen out of business despite a manifestly weak case, that confirmed that the creation of enormous wealth for thousands of employees and an impeccable reputation built over decades of fine work...
Criminalizing the legal advisors
Regular readers of this blog know that the federal government's criminalization of business since Enron has been steadily encroaching on professionals who provide advice to business interests. First, it was Arthur Andersen, then the Merrill Lynch bankers in the Nigerian...
Playing high stakes poker at Refco's Bermuda unit
Wall Street Journal reporters Carrick Mollenkamp, Ian McDonald and Peter A. McKay have authored this article of the day ($) in updating the fascinating story on the bankrupt, New York-based brokerage firm. Refco, Inc. (prior posts here). This WSJ report...
Thinking about SOX
The Free Enterprise Fund's Mallory Factor observes in this WSJ ($) op-ed today that even notorious anti-business politicians such as House Democrat Nancy Pelosi and the Lord of Regulation are starting to question the over-reaction that is the Sarbanes-Oxley legislation....
The economic ripples of Refco hit Thomas H. Lee Partners
The fallout over the demise of commodities trader Refco reached the private-equity firm Thomas H. Lee Partners yesterday as its founder and chairman, Thomas H. Lee, departed the company to set up his own rival private-equity firm (W$J article here)....
The myth of the government cure-all
Sometimes it's hard to keep up with all the muddled thinking that is passed off as keen economic insight in much of the mainstream media. My thoughts along these lines started last week with this David Ignatius/Washington Post op-ed in...
The best defense is a good offense
Thomas H. Lee Partners, Ltd is the private equity firm that bought a big stake in Refco, Inc. last year and held a 38% equity stake in the company after Refco went public in August of this year. With Refco's...
Refco's Phillip Bennett indicted
On a lively Thursday in New York, Phillip R. Bennett, the former CEO of the big commodities broker Refco Inc., was indicted on multiple counts of securities fraud, wire fraud and of making false regulatory filings with the SEC at...
What really happened at Refco?
Those of us who have been following the Refco case are familiar with the allegations that have brought the big securities trader to its knees in bankruptcy -- Refco's former CEO, Phillip R. Bennett, hid ties to the bad debt...
Refco tanks
As predicted here last week, Refco Inc. filed a chapter 11 case yesterday and announced late in the evening that an investment consortium led by private-equity fund J.C. Flowers & Co. LLC and Texas Pacific Group would seek Bankruptcy Court...
It's a small world in auditing
As accounting firm Grant Thornton, LLP reviews its liability insurance limits in connection with its audits of Refco, a couple of interesting facts are emerging. Turns out that Refco hired Grant Thornton in 2002 to replace Arthur Andersen as the...
Refco's Enronesque experience
As noted in this earlier post, an old fashioned run on the bank resulting from a lack of trust in the marketplace -- as opposed to losses attributable to a relatively small number of shady business deals -- is what...
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