I'm aware of Bobo's revisiting of the $10.5b figure, and the fact that all broker-dealers quarterly filings include a "securities sold, not yet purchased" line item.
But the video hardly hinges upon that bit of evidence. That's why I put it in last in the chain. In fact, I considered not including it at all, but I decided otherwise, based on the fact that:
- Through it, the cited "investigators" were clearly demonstrating concern over the existence of many failed trades at Refco.
- It was one of the very few bits of information to emerge following the sealing of the bankruptcy proceedings.
- It came from the Financial Times.
- The reporting was never contradicted or challenged in subsequent reporting.
The keystone to the argument is the $450-million mystery liability. The $10.5-billion line item, and the concern expressed by "investigators" that there might have been a lot of naked shorting going on at Refco, merely underscores the high liklihood that the $450-million was a barrell full of failed trades.
Find evidence to disprove that portion of my hypothesis and we'll have something to talk about.