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October 17, 2005
All Business: Refco financial mess has Enron overtones
By RACHEL BECK
AP Business Writer
AP Business Writer
NEW YORK — Congratulations, most everybody at Refco Inc.! Before this week, few investors had heard of your commodities futures brokerage firm. Now, you're making headlines with a financial scandal that is being compared to the mess that sank Enron Corp.
This isn't just a story of a CEO who has done wrong. It's about a complete breakdown in corporate behavior that allowed the mishandling of the company's finances to go on even as legions of bankers, lawyers and accountants pored over the books ahead of Refco's successful August IPO.
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