Corporate Governance Issues at Refco Inc.
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Case Code: CGOV006 Case Length: 19 Pages Period: 2005-2006 Pub Date: 2006 Teaching Note: Available |
Price: Rs.400 Organization: Refco Inc. Industry: Financial Services Countries: USA Themes: Corporate Scams |
Abstract Case Intro 1 Case Intro 2 Excerpts
Background Note
In 1969, Raymond Earl Friedman (Friedman), a poultry wholesaler, and his stepson, Thomas Dittmer (Dittmer), a retired army man, formed a partnership firm - Ray Friedman & Co. - in the commodity futures trading business, in Chicago. Later, the firm was renamed the Refco Group Ltd., LLC (Refco Group) where Refco stood for the initials of the company's original name. The Refco Group began operations by carrying out clearing services8 in agricultural commodity futures. The firm was fairly successful and was able to earn good returns for its clients. In 1974, Friedman sold his stake in the Refco Group to Dittmer. Dittmer then assumed the role of CEO of the Refco Group (See Exhibit I for an overview of the US futures industry). In 1981, Bennett joined the firm as Chief Financial Officer (CFO). Though he had majored in geography from Cambridge University, Bennett had considerable experience in the commodities market. He had earlier worked for the commodity and commercial lending departments of Chase Manhattan Corp. at New York, Toronto, Brussels, and London...
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