Refco Scandal Exposes Fragility of Stock Markets

Summary


THERE is a litany of names in the financial world, which, when uttered in a single list, inevitably conjures thoughts of several deadly sins - namely envy, greed and pride.

Depending on your longevity in the market, it might start with BCCI, Blue Arrow, Barlow Clowes or even Ivan Boesky. To that unholy gang you would have to add Barings, Maxwell, LTCM, and, more recently, Enron Worldcom and Parmalat.

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Extract


Refco Scandal Exposes Fragility of Stock Markets

The latest name in the hall of shame is Refco, the futures broker whose chief executive has bee...

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