Thursday, October 27, 2005

I suppose it should be expected

If Refco had difficulty closing their books most months, why should one expect them to know how much they owe various firms? On October 17, Refco listed VR Global Partners as being owed $380.1 million. Yesterday, they said it was $620 million. A minor correction. A similar change occured with Bawag P.S.K.: $451.1 million on the 17th, $234 million yesterday. And so it goes.

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