{"id":74,"date":"2006-02-11T15:00:13","date_gmt":"2006-02-11T21:00:13","guid":{"rendered":"http:\/\/www.sequence-inc.com\/fraudfiles\/?p=74"},"modified":"2012-02-01T14:14:39","modified_gmt":"2012-02-01T20:14:39","slug":"refco-enron-all-over-again","status":"publish","type":"post","link":"https:\/\/www.sequenceinc.com\/fraudfiles\/refco-enron-all-over-again\/","title":{"rendered":"Refco: Enron All Over Again?"},"content":{"rendered":"<p>I&#8217;m having flashbacks to Enron. Enron, Enron, Enron. Well, it looks like Refco could have been 2005&#8217;s Enron, but on a smaller scale. Not too small, though. Refco raised $583 million in its public offering in August. In October, the company filed for bankruptcy protection.<\/p>\n<p>Refco was the largest independent U.S. commodities broker. But it appears that the balance sheet was pumped up via hidden debt of $430 million. Prior to the IPO the balance sheet showed $50 billion of assets and $150 million of equity. Too bad the hidden debt wipes out all that equity and leaves the company with a negative net worth.<\/p>\n<p>Does this say anything about Sarbanes-Oxley?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;m having flashbacks to Enron. Enron, Enron, Enron. Well, it looks like Refco could have been 2005&#8217;s Enron, but on a smaller scale. Not too small, though. Refco raised $583 million in its public offering in August. In October, the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":["post-74","post","type-post","status-publish","format-standard","hentry","category-fraud-news-stories"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p6Z0e-1c","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/74","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/comments?post=74"}],"version-history":[{"count":0,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/74\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/media?parent=74"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/categories?post=74"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/tags?post=74"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}