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November 22, 2003
Oh, good. Buttonwood's done it for me.
I was thinking about posting something about how nearly every aspect of the US financial markets has been hit by one scandal or another. But Buttonwood's done it for me:
Economist.com: Everyone's making money except the customers
The mutual-funds scandal is merely the latest in a long line of embarrassments that have eroded trust in America’s financial intermediaries. The small investor has every reason to feel aggrieved
Except he forgot the currency exchange scandals which broke just this week.
Economist.com: Yet another crooked market (subscription required)
Scams in foreign-exchange trading
ARE there no honest financial markets left in the United States? As the country's mutual-fund scandal rumbled on (see article), an 18-month investigation by federal prosecutors in New York culminated on November 18th with the arrest of 47 participants in the foreign-exchange markets. A number of those arrested worked for such prominent institutions as J.P. Morgan Chase, UBS, Société Générale, AIG and Dresdner Kleinwort Wasserstein. The illegal activity, say prosecutors, has been going on for 20 years.
There we go.
Posted by glyphic at November 22, 2003 11:57 AM