Word: stockings
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...initial public offering (IPO), federal prosecutors accused Bennett of hiding $430 million of uncollectible debt, in so doing propping up Refco's earnings and share price. When the news hit, Refco shares plunged from $28.56 to $7.90, wiping out $2.6 billion of shareholder wealth before the New York Stock Exchange halted trading. It wasn't clear when--or if--trading in Refco would resume...
...income--that would never be collected (believed to be the result of hedge-fund clients who didn't pay up after bad trades), but he also went ahead with the IPO even though his top lieutenant, Santo Maggio, was under investigation by the SEC in connection with a stock-manipulation scheme that had driven software firm Sedona into the ground. Refco disclosed the investigation when it went public, saying the case would be resolved. But it never was, raising questions as to whether the IPO should have proceeded with Maggio on board. As for Bennett's debt maneuverings, says futures...
...stock market has a brutal way of making even the smartest people look foolish. Just ask Bill Miller, America's most celebrated mutual fund manager, whose Legg Mason Value Trust has beaten the S&P 500 stock index for 14 years running. A brilliant polymath whose intellectual passions range from chaos theory to Wittgenstein, Miller has trounced his rivals by thinking differently. But lately the investor, who is based in Baltimore, Maryland, has looked a tad less clever. In the past two years, oil and gas stocks surged as the price of oil nearly tripled...
...that of almost everyone else. With oil trading at about $65 per bbl., fears abound that a further rise will hobble consumer spending and doom the global economy to recession. Yet Value Trust's latest report showed that the fund still doesn't own a single oil and gas stock because Miller, never one to run with the herd, expects oil prices to tumble...
...with entrepreneurship at Harvard. Current Currierite Daniel F. Yagan ’06 is one of the founders of Redline Textbooks, an online textbook vendor with a loyal following among Harvard’s budget-conscious students. Yagan recently diversified Redline’s textbook offerings and expanded its stock. His older brother, however, has been less fortunate. Sam A. Yagan ’99, president of MetaMachine, the company that distributes the peer-to-peer program eDonkey, announced at a U.S. Senate Judiciary Hearing on Sept. 28 that his company would “convert eDonkey?...