Out on 50 million dollar bond

I was just reading the local NY paper when I saw this article about a Commidities broker named Phillip Bennett he's the former chairman and and CEO of REFCO.He was released on a 50 million dollar bond yesterday.He allegedly tried to hide 545 million in bad debt.Imagine that We'll have to see how this case works out

You're not kidding, BR!

My wife and kids would certainly be happy for a long while. Of course, ol' dad would be setting-up for an early Xmas present.

Seriously... I know those high stake bonds rarely exist, besides the fact of having PLENTY of collateral tied to them. The 10% sure serves as an inspiration though.

Take Care

Wow.

That's not the type of bond that could be written in a few minutes.

I'm guessing a 72-hour minimum just to get the underwriting lined up, and then a court hearing would have to be held to make sure that the premium money came from a legitimate source or sources.

I know of one company that posted a $5,000,000.00 bond, but the surety required that the client be escorted 24-hours daily until the bond cleared.

50 Mil could put everyone involved out-of-business.

Rex

There has been a lot in the local paper about this particuliar Individual he's being put in the same catagory as the Enron scandal.There's a lot money involved Millions! I just can't believe somebody would float that kind of Bond.If he skips town I could use the money

It goes without saying, who could'nt use the money?