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October 16, 2005

Refco and Hillary

Something certainly smells rotten on the sinking ship known as Refco. Here are some interesting observations from John Mauldin at Thoughts From the Frontline:

I am compelled to make a comment on the Refco situation. Dennis Gartman has what he calls the cockroach theory. There is never one cockroach. If you see one, there are a lot of them in the walls. Observers have been seeing cockroaches at Refco for a long time. When the whole story comes out, it is not going to look good. How you can hide almost a half a billion in losses when going through a public offering is mind-boggling. Refco has had a long history of problems. Most never make the light of day, but there is one that you might recall.

This is the same firm that hid the transfer of $100,000 to the account of the wife of an obscure governor in Arkansas under the guise of trading cattle futures from information in the Wall Street Journal. The fact that Robert "Red" Bone was the broker for the general counsel of Tyson Foods was just a coincidence, I am sure. Hillary Rodham Clinton was allowed to order 10 cattle futures contracts, normally a $12,000 investment, in her first commodity trade in 1978 although she had only $1,000 in her account at the time. (Someone put cash in the account. Go figure.) And it gets murkier. Bottom line Refco was fined $250,000 for trading practices in cattle futures during that period, then the largest fine ever by the Chicago Mercantile Exchange.

As an aside, Senator Clinton is the only human being in the history of the trading world who could successfully turn $1,000 into $100,000 in a few months and then walk away and never execute another trade. I guess it was just too easy for her and she needed bigger challenges.

This cattle futures scam is a cockroach that certainly has its share of as yet undiscovered relatives not only at Refco, but in Hillary's history. Her best defense against revelations of her corrupt activities is the scandal fatigue that quickly set in during her husband's reign. People heard so often that the Clintons are shady characters that they stopped listening. The result was a sort of inoculation that enabled Bill to hang onto his presidency even after being impeached.

But who knows, maybe Hillary's inoculation will wear off by 2008. Maybe if people are reminded what a couple of lowlifes the Clintons are, they will remember how nice it is to have them out of the White House. It's certainly worth a try.

Hat tip: Byron.

Posted by Van Helsing at October 16, 2005 12:47 PM

Comments

Posted by: Mike's America at October 17, 2005 1:41 PM