The truth about Asian investment banking

The truth about Asian investment banking

Reality bites

The money network:

The money network:

Why crowdfunding threatens traditional bank lending

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August 2006

REFCO bankruptcy: No Gain without pain for Refco

In a motion filed with a US bankruptcy court at the end of June, Refco announced that it had entered into an agreement to sell its retail FX business, including customer account information and related assets, to Gain Capital Group. Both parties announced that, under the proposed terms of the deal, Refco FX’s clients could recover up to 100% of their currently frozen account balances.


 

One would have thought that the 15,000 clients concerned would have jumped through rings of fire to see the deal finalized. However, a group of them have made their dissent heard, much as they did when Refco proposed to sell the unit to Forex Capital Markets (FXCM) at the tail end of 2005.

Fuming customers

A report in the tabloid...


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