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Old 03.02.2011, 18:05
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Pour the hate on: banks vs. clients, etc

So it's all roses and flowers all again, right? the world has righted itself, banks didn't implode, PIIGS didn't turn to bacon, and the sune shines brightly in the Far East.

However a couple of recent articles are worth reading, and may shatter these warm fuzzy and comforting thoughts.

1) How the banks' trading room culture routinely shafts its clients...
http://www.bostonreview.net/BR36.1/rosen.php

2) the workings of the next banking crash (a.d. 2015)...
http://www.oliverwyman.com/ow/ow_sta...vices-2011.htm

3) Simon Johnson's ever insightful take on Davos' "borderline exuberant" (ipse dixit) happy crowd:
http://baselinescenario.com/2011/01/...-ready-or-not/

Nothing that we don't really know already - but it's always interesting to see how our deep harboured suspicions are shared by those who have a better perspective on these things...

Ciao

Paul
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Old 03.02.2011, 20:34
Nev
 
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Re: Pour the hate on: banks vs. clients, etc

Hey, Paul haven't you heard? The banker bashing season is closed
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Old 03.02.2011, 21:30
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Re: Pour the hate on: banks vs. clients, etc

LOL yes.... But I'm such a snob.... I get turned off when everyone and his dog is into it

Enjoy the lull, in the meantime hehe...

P.
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Old 04.02.2011, 15:02
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Re: Pour the hate on: banks vs. clients, etc

Hehe.... and today, as reported by Seekingalpha ...
Quote:
BNY in the hot seat on fake trades. According to recently unsealed court documents, BNY Mellon (BK) currency traders used a foreign-exchange system to create fake trades and overcharge Virginia pension funds by at least $20M. Unrelated to the court documents, Florida Attorney General Pam Bondi intervened yesterday in an existing whistleblower lawsuit against BNY Mellon and plans to file a formal complaint 'in the near future;' Virginia had intervened in the same case, and California has intervened in a whistleblower claim against State Street (STT). The revelations are part of a widening probe by state prosecutors into whether banks routinely shortchanged public pension funds during currency transactions and profited from the difference. Both BNY Mellon and State Street denied wrongdoing and plan to fight legal actions against them.
Ahh the honourable Streeters, eh...!



Paul
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