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Eric,
I guess I have a tough time accepting that a person with that much
experience
and the responsibility of managing such a sum of money for others would
jeopardize
his reputation, and money. But as Norman has said.. he just
graduated.....
Don
Eric wrote:
> No, the whole point is, HE HAD NO MONEY TO PAY MARGIN. They can't just
> get on the phone and raise margin in a fast market. I have seen so many
> posts (here and elsewhere) seemingly implying that clearing houses are
> heavy handed in these situations. Look at the risk they carry. Granted
> that is the business they have chosen, but they have the right to cut
> their losses short just as traders do. Refco did not "stay out of it",
> they forced Vic's hand in closing the trades and they probably forced
> his hand in declaring bankruptcy )if that is true. And it sounds like
> they will pay for it....but they had to do it.
>
> Eric
> >
> > Respectfully,
> >
> > Don Thompson
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