Shadows of Foreign Debt by Bill Bonner, Justice Litle, & Hans Sennholz

When U.S. Secretary Snow urged the Chinese to learn from America's example by spending more, saving less, and taking advantage of the "financial sophistication" on offer by Wall Street, we do not suppose he had Refco in mind. Until a few days ago, Refco was the world's largest broker of futures contracts. But now the company's 2012 notes trade for only 16 cents on the dollar and trading in the stock was halted on October 13th, after shares had lost 64% of their value.

posted by SARTRE @ 10/19/2005 07:57:00 AM