Sometimes, to see the real nastiness of the modern and ancient finance, it's necessary to look sideways at a relatively undeveloped economy and watch the sharks in operation:
Sigurdur Einarsson, Chairman of the Board for Kaupthing Bank, has accused four foreign hedge funds of instigating a systematic attack on the Icelandic financial market and Icelandic banks.
Einarsson told Fréttabladid that they have gone to great lengths to profit from taking short positions in stocks and credit default swaps (CDS). He also contends that this assault has been defused by taking action against the hedge funds who intended to turn a profit by driving the banks to bankruptcy.
Einarsson explained that Kaupthing Bank has been in contact with international media representatives in an effort to explain the systematic attack undertaken by these speculators and the methods they have used to effect it.
Einarsson named four hedge funds in particular “who have undertaken this [market manipulation] with full force,” Trafalgar Funds, Cheney Capital, Landsdowne Fund and Ako Capital, all based in London.
Top Ten Rogue Traders here and look who is the special bonus trader! Sometimes, you know, I think we're a little bit hard on Gordon. David Farrer, a Scot, says this about his fellow Scot:
But what I don't understand is why Scottish, Unionist politicians have been so incompetent. People like Gordon Brown.
Between 1999 and 2002, Brown sold 60% of the UK’s gold reserves at $275 an ounce. It was later attacked as a “disastrous foray into international asset management” as he had sold at close to a 20-year low.
So the man's a non-comp, a wood duck and that is precisely the type of man they needed to groom for the job. The Hacker syndrome is alive and well. That's why this does not surprise in the least.
Every time I read about the disastrous way the Scots are running this country today I can't help being reminded of two things -
ReplyDelete1. The events that led up to the English Civil war
2. The events of three hundred years ago when the Scots bankrupted their entire country and had to ask England to bail them out.
It is indeed frightening how a few people can manipulate the market so hugely.
ReplyDeleteRecently it was obvious as the Canadian dollar went to $1.10 briefly against the US dollar. In a very short space it went from around par, up and back again. It was so obviously the currency traders who had decided to concentrate on the Canadian dollar and then were off somewhere else to cause havoc.
I forgot to say, I don't quite get the point of the image, but then what else is new?
ReplyDeleteGinro - :)
ReplyDeleteJMB - it's a shark gettig into someone's home to wreck it.