 | We’ve long since patched up our differences with England, but in honor of the July fourth holiday, let’s spark up the US versus UK rivalry.
The dubious honor is the world’s biggest manipulator and so far it seems that the winner is our European friend.
Barclays Chief Executive Bob Diamond resigned Tuesday; the latest head to roll after the London-based bank was fined $453 million last week for attempting to manipulate inter-bank lending rates. The record fine was imposed after Barclays admitted that its traders had attempted to fix Libor, the global rate for bank-to-bank lending that underpins some $350 trillion worth of contracts worldwide. False reports of the interest rate primarily originated with traders working in the investment banking division of the company between 2005 and 2009, headed at that time by Diamond, according to the AP.
Of course, there’s been no mention of Diamond going to jail. Global price fixing and manipulation doesn’t seem to warrant a prison sentence, just a pink slip.
Still, the competition isn’t over. America may out-mainpulate Brittan when the full details emerge about a story released Tuesday by Bloomberg. U.S investment bank Morgan Stanley, which just barely avoided a triple notch downgrade, successfully pushed Standard & Poor’s and Moody’s Investors Service Inc. to give unwarranted investment-grade ratings in 2006 to $23 billion worth of notes backed by subprime mortgages, investors claimed in a lawsuit citing documents unsealed in federal court.
Executives at the ratings firms failed to warn investors about the risks associated with subprime-backed notes that were issued by a unit of London-based hedge fund Cheyne Capital Management Ltd. because they wanted to reap financial rewards from doing business with guess who, Morgan Stanley.
Let’s see how this story unfolds. Uncle Sam may very well catch up before Labor Day.
Happy 236th Birthday!
Trade well and follow the trend, not the so-called “experts.” Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia.
larrylevin@tradingadvantage.com
Trading Advantage
(888) 755-3846  |  Larry Levin's Trading Advantage is a leading investment education firm that empowers traders to achieve and surpass their financial goals. More than 50,000 students have used Larry Levin's proven techniques for powerful results. |
Trading Signals from the Electronic (ES) mini-SP 500 - Pivot sell @ 10:41am at 1369.00 = +1.25 (1 lot)
- Algorithm positions (0)
- “Reading the Tape” positions (0)…combined Secret’s, Algo, & “Reading the Tape” total… +1.25
ES 1368.50 / 1362.00
POC... 1365.50
YM 12868 / 12820
NQ 2638.25 / 2624.25
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Keep a civil tongue.