Behind Big Wall Street Failure: An Unregulated Bermuda Unit. (cover story)

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  • Additional Information
    • Subject Terms:
      BERMUDA Island (Bermuda Islands); UNITED States
    • Subject Terms:
      REFCO Inc.
    • Abstract:
      This article looks at the collapse of commodities broker Refco Inc. as billions of dollars worth of assets at the company's Bermuda unit were frozen. As part of bankruptcy court proceedings, it has been revealed that Refco's Bermuda unit was unregulated and client and company money was all placed into a single unsegregated pool. Brokerage firms in the U.S. must keep separate accounts for clients.