Word: borrowers
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Looking the other way while clients manipulated the shares of small companies through what's known as naked short selling appears to have been yet another questionable way of doing business at Refco. Short selling is legal: you borrow stock, then sell it and hope to buy it back at a lower price, profiting from the difference. But naked short selling is illegal, barring certain exceptions for brokers trying to maintain an orderly market. In naked short selling, you execute the sale without borrowing the stock. The SEC noted in a report last year the "pervasiveness" of the practice. When...
Brokers are required to ask a client the nature of a stock sale. If it's a short sale, the broker must ascertain if the client has been able to borrow the stock. "I have seen evidence that links Badian and/or Refco to more than 50 stocks that were driven into the ground," says Wes Christian, part of a legal team headed by billionaire Texas tobacco litigator John O'Quinn, who is amassing a case against Badian, other hedge funds and now possibly Refco. Refco declined to comment. Badian didn't come to the door when a TIME reporter rang...
...most liberal HoCo budgets,” this change will remove the former reimbursement process that many Houses found hard to handle. Mather House HoCo Co-Chair Jessica L. Jones ’06 told the council that ommittee members had to charge purchases on personal credit cards or borrow from House Masters in order to make payments up front. She added that Mather HoCo’s annual budget usually amounts to $30,000. Glazer said the change was a result of working closely with HoCos and listening to their feedback. Fang said the HoCos will...
...metal-faced stage persona. Danger Mouse became a hip-hop household name through his unauthorized mash-up project “The Gray Album” (a mixture of Jay-Z’s Black Album and the Beatles’ White Album). Many Adult Swim cartoons borrow liberally from past Hanna-Barbara productions (Aqualab and Space Ghost, in particular). In this way, collaboration between the three is a match made in mixed media heaven...
...Hufstedler, lack of equipment is another common hurdle that new groups must leap: “Most starting bands either don’t have equipment or don’t have equipment here.” The group hopes to own a set of equipment that could be borrowed as a band gets on its feet. CARAR says it recognizes that the real difficulty is in cornering the funds to purchase communal amps and a drum kit. Their solution here is once again networking; if the younger musicians are all friends with their elders, the hopeful logic follows, they...