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Mark,
If we are to assign blame to others in this case, we should really be
looking at Refco too. The CME called Refco for margin, not Victor. They
had to know they were killing the goose by forcing his hand. Perhaps they
should have leant him the dollars to meet the call. Either way, he was
playing too big for his bankroll and if anyone knew what the exchanges are
capable of, it was Victor.
Sean
> i like and admire the man and belive that he did everything right -
> except his outlook or lack of it for a catastrophe. he was a victim of
> a little known rule that says the exchanges can increase upon demand
> margins and make them retroactive. by the time they figured out he
> was in trouble he was no longer in trouble. but they went back and
> made him pay anyway. essentially the exchanges stole from hard working
> people - their money because of a technically. like saying oh you sob
> you almost killed me with that (whatever scenario) now i'm going to
> justifiably hunt your ass down and kill you and your whole tribe of
> investors.
>
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