Kein Traum - nur ein Albtraum! Die Weltwährungskrise und deren ökonomische Auswirkungen wird als Auslöser vielfach auf den Zusammenbruch der Wiener Boden-kreditanstalt zurückgeführt. Mit dem Zusammenbruch von Refco ist wieder einmal eine Wr. Grossbank involviert. Noch dazu die BAWAG, "die" österr. Gewerkschaftsbank schlechthin, die sich im hyper kaitalistischen System verrannte und zudem den zwar vifen, doch hedge-fonds prone Sohn eines der angesehensten Bankers im Land bediente. Jim Sinclair's Kommentar zu REFCO: Wednesday, December 28, 2005, 10:14:00 AM EST Refco - The Plot Thickens? Author: Jim Sinclair We still do not officially know why Refco melted down in one week as none of the reasons given could in anyway have accomplished that instantaneous implosion. I have owned commodity brokerage firms and clearing houses, and what so far has been offered as the reason is pure bunk, IMO. We do know that a meeting of the major players for interest sensitive over-the-counter derivatives was held six weeks before it was scheduled to occur at the New York Federal Reserve Bank some two weeks before Refco blew up. The greatest fear in this so called market for derivatives is the forced unlocking of the positions from total offset - one side a profit and the other a loss - to one account with the profit and another with the loss and both segmented from each other. That in bankruptcy would leave the loss totally exposed to someone and that someone need not be Refco. The reason for that is one account, maybe the house, held the profit and another cooperative party may have held the loss. If an account is frozen when called an asset the house is trying to protect itself for some complex reason. The OTC derivative game in both unregulated, non-transparent and down right dicey. In a bankruptcy, the judge should secure all assets away from all liabilities which inherently means the disaster of all OTC derivative culprit's worst nightmare. Now we add to the mix the logical question of why did Refco blow up in a week to what is in the accounts as an asset that Refco was holding onto apparently rather strangely. This story, not now front page news, is deserves to be front page news. If this is the event of the derivative nightmare as described above, it will be told by the price of gold going ballistic. In the language of markets, if gold cuts directly through $512-$516 as if it were not even there, then the countdown to launch at $750 has zero seconds left. Let the market tell you and we do not tell the market! Regulators tell Refco unit to let assets go Tuesday December 27, 9:32 PM EST NEW YORK (Reuters) - U.S. regulators told Refco Securities LLC they may take action against the broker-dealer if it does not provide customers immediate access to their accounts and property, its bankrupt parent Refco Inc. (RFXCQ) said in a court filing this week. In a Monday filing with the U.S. bankruptcy court in New York, the futures and commodities firm said the U.S. Securities and Exchange Commission and the Securities Investor Protection Corporation (SIPC) "expressed serious concern" that the Refco Securities unit had recently stopped closing out customer accounts and returning property and assets. On December 23, SIPC said it was "considering initiating a proceeding against Refco Securities" that Refco in the court filing said would "provide customers immediate access to their accounts and customer property." The broker-dealer had suspended the closing of accounts after realizing that some amendments to its bankruptcy filing "prohibited the return of customer property in the ordinary course of business." More... Grüsse
