REFCO崩盘的真相
Refco puts CEO on leave, shares drop 45 percent Monday 10 October
By Chris Sanders
NEW YORK, Oct 10 (Reuters) - Refco Inc.'s (RFX.N: Quote, Profile, Research) shares sank 45 percent on Monday after the commodities broker put its chief executive on leave and launched an investigation into $430 million it was owed by an entity he controlled.
The company, which went public in August and is one of the world's largest and most powerful commodities and futures dealers, also said it would probably delay filing its 10-Q quarterly financial statement with securities regulators for the quarter ended Aug. 31. Company shares lost $1.65 billion of market value on Monday.
Refco said it asked CEO Phillip Bennett, who is also chairman, to take a leave of absence after discovering the receivable of about $430 million. The money was repaid with interest by Bennett on Monday. A lawyer representing Bennett did not return a call for comment.
Santo Maggio, president and chief executive of Refco Securities LLC and Refco Capital Markets, Ltd., was also asked to take a leave of absence. Thomas H. Lee Partners' Co-President Scott Schoen, whose private equity firm owns about 39 percent of Refco's shares, said Maggio was also found to have "some level of knowledge" of the receivable.
Refco has hired independent counsel and forensic auditors to help its board investigate issues related to Bennett. At the same time, Schoen was named chairman of a newly formed Board of Directors executive committee.
The company said in a memo to employees that it had "ample liquidity" to carry on with its business and that it did not expect any impact on day-to-day operations from the internal review.
The review thus far has shown Bennett, without telling the company, gained control of the $430 million receivable it had considered possibly uncollectable. Details of the review have been reported to all relevant regulators, the company said.
Had Bennett disclosed his control of the receivable, the company's financial statements would have reflected that.
But given the way the debt was accounted for, Refco said it determined that financial statements for 2002, 2003, 2004 and 2005 are not reliable. The financials will likely be restated, said Banc of America Securities analyst Michael Hecht in a research note.
"Given the company's prior accounting and regulatory issues, this is likely to have a meaningful negative impact on the stock today," Hecht added.
"BULLET PROOF"
Bennett took over running Refco in 1998.
At the time Refco's then-chairman Thomas Dittmer described Bennett as having a "bullet proof" track record of sound decision making and a "recognized financial stature".
He had joined Refco in 1981 from Chase Manhattan Bank, where he worked in credit and commercial lending. By 1983, he was chief financial officer at Refco.
Refco has wrestled with regulatory issues in the past. In mid-May, the Securities and Exchange Commission told the broker it was likely to recommend civil action against the company following a probe of short sales of stock by the company.
The broker said it cannot estimate when its 10-Q filing will be made or when the audit committee will finish its investigation.
William Sexton, who recently announced his resignation as Refco's chief operating officer, will instead remain with the company and has been appointed CEO. Joseph Murphy, CEO of Refco Global Futures and President of Refco LLC was named President of Refco Inc. and Refco Capital Markets.
Refco said it believes all customer funds on deposit are unaffected by the issues surrounding the receivable.
Refco, shares of which rose 25 percent in their August market debut, has operations in 14 countries and a large global derivative clearing operation.
It is among the most active futures brokers on exchanges in Chicago, New York, London and Singapore and a player in cash foreign exchange, international equities and debt markets.
The company's shares closed down $12.96, to $15.60 in trading on the New York Stock Exchange.
(Additional reporting by Dan Wilchins)
发表于:2005-10-11 14:11只看该作者
2楼
谢谢!
No.1 Control yourself, Control=Win Money
发表于:2005-10-11 14:12只看该作者
3楼
:L:L:L:L
发表于:2005-10-11 14:38只看该作者
5楼
哪位帮忙有没有中文的简译,或说说大概发生了什么事?
发表于:2005-10-11 14:41只看该作者
6楼
谁翻译一下,太长了。
韬客社区www.talkfx.co
发表于:2005-10-11 15:00只看该作者
7楼
原帖由 耐心等待忍 于 2005-10-11 22:13 发表 麻烦了。。 FXCM会如何???
发表于:2005-10-11 15:26只看该作者
8楼
韬客社区www.talkfx.co
发表于:2005-10-11 15:29只看该作者
9楼
啥意思呀,谁能帮忙翻译翻译呀
韬客社区www.talkfx.co
发表于:2005-10-11 15:31只看该作者
11楼
急!谁知道咋的了?
理论来源于实践
发表于:2005-10-11 15:32只看该作者
12楼
纽约, 十月 10 日 -(路透社) Refco 公司的 (RFX.N:引证 , 描绘,研究)部份在星期一在日用品经纪人之后沉落 45% 放了休假上的它主要的主管而且发射了调查进入$之内?货??窾它被一个实体亏欠他控制。
公司, 在八月变公众并且是世界的最大和最有力的日用品和未来经销商之一,也说它会或许延迟为四分之一用~申请它的 10 个 Q 的每季财务报表安全调整者结束八月 31 日。 公司部份遗失 $在星期一的市场价格中的??せ货き?窾个。
Refco 说它问了运行长 Phillip 班尼特, 也是主席, 在发现应收帐款之后拿休假有关 $?货??窾。 钱在星期一用 班尼特的兴趣被偿还。 律师表现班尼特不 为意见回覆一个呼叫。
Refco 安全 LLC 和 Refco 首都市场的 Santo Maggio ,董事长和领袖主管 , 公司,也被要求带休假。汤姆斯 H. 李合伙人的共总统 Scott Schoen,分享,也说的 Maggio 被发现有应收帐款的 "一些水平的知识"。
Refco 有雇用独立检察官和法院的审计官帮助它的董事会调查与班尼特相关的争议。 同时, Schoen 被命名主席一崭新形成了董事会运行的委员会。
公司在一份备忘录中对它有了 "充足的流动性" 继续它的生意职员说而且它不 预期来自内在的检讨在逐日的操作方面的任何冲击。
如此远的检讨有显示班尼特,不告诉公司而,得到了控制那$它已经 可能地考虑 uncollectable 的?货??窾应收帐款。 检讨的细节有被报告所有的有关调整者,公司说。
班尼特揭露了他的可接受者的控制,公司的财务报表会有反映那。
但是给债务被解释的方法, Refco 说它决定财务报表为 2002,2003,2004 和 2005 不是可靠的。 金融股将会或许被重新叙述,美国安全分析家麦可 Hecht 的 Banc 在一个研究笔记中说。
给公司的更重要的会计和管制的争议, 这是有可能有意义深长的否定冲击的在那之上存货的今天,"Hecht 增加。
班尼特在 1998 年接管流动的 Refco 。
在时间 Refco's 然后-汤姆斯主席 Dittmer 当做有健全的下决策和 "辨认出财政的身材" 的 "子弹不能透入的" 记录描述了班尼特。
他已经 叁加 Refco 在 1981 从追求曼哈坦(区) 银行,在他在信用和商业的借贷中工作的地方。 1983 之前,他是在 Refco 主要的财政官员。
Refco 过去有被管制的争议格斗。 在中间的-五月,安全和交换佣金告诉它所是有可能推荐对抗藉着公司跟随存货的卖空交易的一个探查的公司市民的行动经纪人。
经纪人说当它的 10 个 Q 的申请将会被做的时候 , 它不能够估计,或稽核委员会将会何时完成它的调查。
威廉寺庙里的杂役, 当 Refco's 领袖操作官员,将会改为用 公司保持而且有被任命运行长,最近宣布了他的辞职。 约瑟马铃薯,Refco LLC 的 Refco 全球的未来和总统的运行长被命名 Refco 公司和 Refco 首都市场的总统。
Refco 说它相信存款上的所有客户基金藉着正在围住应收帐款的争议是不矫揉造作的。
Refco, 哪一玫瑰 25% 在他们的八月在市场上销售初次登场的部份,在 14个国家中有操作和大的全球引出的清扫操作。
它是在交换上的最活跃的未来经纪人之中在现金外币交易,国际的股票和债务市场中的芝加哥,纽约,伦敦和新加坡和一个运动员中。
公司的部份关闭 $12.96, 到 $15.60 在纽约股票市场上进行贸易方面。
(丹 Wilchins 的附加报告)
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