The problems at commodities and futures broker Refco Inc. that emerged over the past week made for another interesting case study in the debate over the necessity of the internal control provisions contained in the Sarbanes-Oxley Act.

Refco, a brokerage firm, just went public this summer, raising $583 million in its initial public offering. The company saw its stock price surge through the following weeks -- major investors soon included a couple of the biggest pension funds in the country and the biggest shareholder in the company, Thomas H. Lee Partners LLC, saw their initial capital outlay nearly double.

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