To assist in maintaining the integrity of the auction the BBC reserves the right also to telephone bidders during the auction in order to make standard checks.

BBC: Judi's auction raises ?20,000

Refco's creditors are hoping the judge assigned to handle the firm's bankruptcy filing will order a speedy auction of the company to be conducted when parties meet on Monday morning in lower Manhattan.

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Last January, the Fed started lending through its term auction facility twice a month in order to flood the financial system with cash.

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