The world is getting very busy - MF Global, Peleton, Sailfish, Richmond to name but a few.
As ex UK Prime Minister Howard Wilson once said, a week is a long time in politics, and it certainly is a long time in the markets. Given current events, Soc Gen's Mr. Kerviel is rapidly drifting off the radar screen, but we wanted to highlight a very good Bloomberg article.
The last comment is particularly insightful:
"The incident highlights the inherent tension between middle offices and the trading floor.
``You have two people: one makes the bank richer and one prevents the bank from earning because of risk of loss,'' said Tamar Frankel, a law professor at Boston University. ``So guess who has the upper hand?''
Excellently put.
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