…how did Robert C. Trosten wind up profiting handsomely to the tune of $48 million when just a short time later the company for which he was CFO, Refco, declared bankruptcy? And now this ass-wipe stands accused of fraudulently hiding losses that (probably) bumped up his compensation when the company was sold a year before it folded. Man, we’ve seen this play out time and again recently- it’s becoming rampant.
Is anyone in the SEC or Justice Depratment paying attention?
<fx echo: hellllooooooo!>
Will Robert C. Trosten get to keep it?
Should he? Is that right?
You can equivocate all you want, but this money was stolen from you.
When Refco filed for bankruptcy on Oct. 17, 2005, it was one of the largest filings in United States history.
It’s like the politburo elite all over again. I’m starting to see less difference between those bushy eye-browed scalawags in charge of the Soviet Union and their privileged looting of the coffers to live the life of Riley (mass centralization made this easy at that time, but looks like when the government is lured to turn it’s back, well, that works too).
I think Robert C. Trosten should have to give it back, every fucking red cent.
As customers lost money in the 1990’s through 2005, Mr. Bennett would have the firm’s parent, Refco Group Holding Inc., assume those debts. Rather than write off those losses, Mr. Bennett then transferred them to Refco Group Holding. By all appearances, Refco appeared to be owed money by its parent.
It’s all very Enronian in it’s scope and execution. Who’s bean-counter was talking to who? I cannot help but wonder. Hey, these are not so isolated as anecdotal evidence would suggest.
The scheme allowed Refco to appear healthy, setting the stage for the private-equity buyout and subsequent public offering, prosecutors said. Insiders also received more than $1 billion in cash after the sale of the stake to Thomas H. Lee.