REFCO was a scam from start to finish as I understand it. That's a good example of the way Wall St. works...or rather works to RIP-OFF THE PUBLIC!
I'm not following the REFCO story any more...so, I don't know how things stand nor how it turned out.
IMO, all the major Wall St. market makers can naked short sell stock...ie. to create a liquid market???? What a lame excuse! I also believe all these major MM's do naked short stocks...probably, any that they are involved in...so called, making a market in. Much more like MANIPULATING THE MARKETS AND STOCKS TO THEIR ADVANTAGE.
This is an intolerable situation.
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