Kleptocracy update: Refco

yet another sordid instance of bankruptcy as the new business strategy...

In the year before Refco sold shares to the public and then promptly made the fourth-largest bankruptcy filing in United States history, insiders at the firm received more than $1 billion in cash, according to the firm's financial statements.

And one insider, Robert Trosten, received $45 million when he left his post as chief financial officer a year ago, according to testimony at an arbitration hearing earlier this year.

ONE BILLION friggin' dollars...! truly obscene greed... any mention of the employees who were put on the street...? funny you should ask... no...

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