Mr. Bennett, who is free on bail, has not been convicted, and his lawyer said in court that he would fight the charges. The company reports that he personally repaid the money with a loan against his Refco stock after the news surfaced. That is a good start at making amends, but it may be too late for the company. Refco is fighting for its life, with trading in its stock suspended at times last week and Standard & Poor's downgrading Refco's debt. As too many customers tried to pull out all their money at once, the company had a liquidity crisis, causing it to shutter several units.


Full editorial at


http://www.nytimes.com/2005/10/16/opinion/16sun3.html