Hubris at Refco
Nobody knows the full extent of the fallout from the Refco debacle, but I don't imagine that it will be good. This NYT article chronicles the hubris that the executives displayed. Lack of ethics at the top of a large corporation have destroyed many good businesses. This will be another one. It is so unfortunate that excess greed turns something potentially good into SH#T! A lot of people are going to lose a lot of money. There are rumors that this may effect the bond market, thus possibly the mortgage and housing market. I don't know. Yet again, another financial disaster playing itself out in front of our eyes.