Amazing how one individual, due to his "financial indiscretions," cannot only harm shareholders' value, but the livelihoods of some 2,400 employees, those of its many clients, and the reputation of a stellar industry.

It's not a matter of the $500 million or so that was there, disappeared, was reclassified as a debt, no, an asset, no, a good receivable, no, a "doubtful account," and then reappeared via a mysterious Euro Dollar deposit on Monday. It's entirely a matter of the credibility of the most senior firm executive -- and owner -- and his accomplices who allegedly chose to violate the very oath of the futures industry, that "My word is my bond." Imagine if thousands of floor traders disavowed their floor pit/ring trades if they were disadvantageous to them. This very oath is the foundation upon which the futures and forward trading industry was founded upon some 150+ years ago.

Refco, as it is, is an efficient intermediary in the execution of the debits & credits amongst its counterparty clients, earning its monetary spread by providing the service of transaction enabling, liquidity, and margin funds provision. Its historic return on its own capital, albeit with its risks, is enviable.

In my humble opinion a new suitor will be found, injecting significant excess capital, and guaranteeing all employees their livelihoods, and all clients their monies, and under a NEW entity if class action shareholders try to get blood money from what will surely then turn into a stone.

With his stepfather Ray E. Friedman turning over in his grave, sleep well yea all, as Tom Dittmer will be back at the helm!

Tom Dittmer's return, though now in his 60s, would reassure a shaky employee and client base, though Bennett was his right hand man.

Tom's business philosophy was always to deal with any problems & pain immediately, get them out of the way ASAP, a lesson obviously not learned by Bennett re the bad debts, whether they originate from third party clients or his own trading.

Bennett, for his part, always believed that being #1 in an industry means that a premium well beyond normal would be paid for any firm, and such was the Thomas Lee and IPO case to his credit.

Fraud, if done well, is near impossible to detect, from this alleged case to the ongoing 70+ year old mortgage industry illegally lending you your own money by monetizing your promissory note [legal scholars will be locked up, without bail, by Federal judges for even discussing same in public or in the media].

All in all, Bennett is no more, if not less guilty than FDR was for seizing our gold or Nixon taking us off the gold standard. It's just that no prosecutor dared indict them.

REFCO (Ray & Evelyn Friedman-in contrast to some referring to Ray Earl Friedman) was built by Thomas Dittmer through his selection of productive and aggressive brokers. Ray & Evelyn founded a huge cattle futures business in the stockyards of Sioux City (when in their fifties!) in an office barely large enough to accomodate two people. The expansion of Ray & Evelyn clearing through the GH Miller company to the REFCO clearing status was the result of Ray wisely recognizing the abilities of his stepson, Thomas H. Dittmer. I knew all three very well, all three were of the highest ethic. I agree with the other postings "Tom always addressed problems or potential problems immediately." While I occasionally disagreed with Tom about some matters (some serious disagreements)..he has to be credited with "bringing the futures business into the 21st century." He possessed the most decisive quality of leadership and vision I experienced. While his emergence as a white knight in the current atmosphere is a pleasant thought, I suspect he may also be enjoying a well deserved retirement.

Such is the state of Refco's employees and clients, severely wounded by destroyed livelihoods, destroyed reputations, and decimated fortune.

Tom Dittmer will be back!
-A Marine never leaves anyone behind