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gaboracs

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gaboracs

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Sunday, 10/16/2005 2:07:48 AM

Sunday, October 16, 2005 2:07:48 AM

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Refco Inc., the futures broker under federal investigation for securities fraud, sped toward collapse Friday as regulators barred its owners from taking out money and Standard & Poor's said a debt default may be imminent.

Refco Securities Llc, the company's biggest unit, "initiated the process of unwinding proprietary and client positions" and won't seek new business, Refco said in a statement Friday. S&P cut Refco's credit rating for the third time in four days and said "a payment default is highly likely."

http://www.newsday.com/business/ny-bzmid4470324oct15,0,7652659.story?coll=ny-business-headlines
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