{"id":4355,"date":"2006-05-02T00:00:00","date_gmt":"2006-05-02T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"battered-bawag-aims-to-show-its-solvent","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/05\/2006\/battered-bawag-aims-to-show-its-solvent.html","title":{"rendered":"Battered Bawag Aims to Show it&#8217;s Solvent"},"content":{"rendered":"<p><span>New York Post &#8211; Bawag, the Austrian bank whose own web of intrigue is beginning to rival Refco&#8217;s, is still working feverishly to strike a deal with the defunct future-trading giant&#8217;s creditors,according to reports.<\/span><\/p>\n<p>  <span>Reeling from a month of disclosures detailing well-concealed ties to Refco, Bawag sought to put potential liability behind it prior to being put up for sale by Morgan Stanley.<\/span><\/p>\n<p>  <span>Refco&#8217;s creditors sued Vienna-based Bawag last month for $1.3 billion, alleging that ex-CEO Phillip Bennett illegally transferred that amount to the bank.<\/span><\/p>\n<p>  <span>As details emerge of Bawag&#8217;s shadowy loans to both Refco and a hedge fund controlled by its longtime CEO&#8217;s son &#8211; which led the bank to hide $1 billion in trading losses &#8211; depositors rushed to  take money out of the once-sleepy trade union bank.<\/span><\/p>\n<p><a href=\"http:\/\/news.google.com\/news\/url?sa=T&amp;ct=us\/7-0&amp;fd=R&amp;url=http:\/\/www.nypost.com\/business\/67813.htm&amp;cid=0&amp;ei=nP9WRJfZOoXOpwKAwKX_BA\">Read Complete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York Post &#8211; Bawag, the Austrian bank whose own web of intrigue is beginning to rival Refco&#8217;s, is still working feverishly to strike a deal with the defunct future-trading giant&#8217;s creditors,according to reports. Reeling from a month of disclosures [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4355","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4355"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4355\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}