Naked Short Selling is Real – And It’s Fucking Up Our Economy
Vice, 27 June 2012
Unfortunately, like many people out there, I don’t know my ass from my elbow when it comes to the economy. Sure I know a few terms like “recession” and “stock,” but ask me to explain stuff like the “Eurozone crisis” and I’ll get as far as “Apocalyptic omen.” That’s probably why businessmen can get away with pretty much anything; half of their concepts are so convoluted you need to have at least gave a shit about high school calculus to understand them, which most of us didn’t.
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Barclays guilty of market manipulation
moneyweek, 27 June 2012
Barclays Bank is to pay a 290 million pound fine following an investigation by UK and US regulators into manipulation of inter-bank lending rates.
The bank’s top executives, including Chief Executive Bob Diamond, have agreed to waive their bonuses this year as a result. City watchdog, the Financial Services Authority (FSA), said Barclays’ regulation breaches were “serious, widespread and extended over a number of years”.
It accused the bank of having inadequate systems and controls in place until June 2010 and of failing to review its systems and controls at a number of appropriate points. Continue reading “Article: Barclays guilty of market manipulation”
Watchdog says jury out on CDS short-selling impact
Huw Jones, 18 June 2012
There is no firm proof that short-selling credit default swaps (CDS), blamed by some policymakers for exacerbating Greece’s debt problem, damages the underlying government bond market, the world’s top securities body said.
CDS are contracts written by large banks that insure the buyer against a default in an underlying asset such as a government or corporate bond. Continue reading “Article: Watchdog says jury out on CDS short-selling impact”