Archive - Jul 3, 2012 - Story

• The next Enron: JPMorgan at centre of power market probe (FT)
• Former Brokers Say JPMorgan Favored Selling Bank’s Own Funds Over Others (NYT)
• Ex-JPMorgan Trader Feldstein Biggest Winner Betting Against Bank (Bloomberg)
• Finland Firm On Collateral As Spain Aid Terms Discussed (Bloomberg)
• Heatwave threatens US grain harvest (FT)
• Wall Street Is Still Giving to President (WSJ)
• Greenberg Suit Against U.S. Over AIG To Proceed In Court (Bloomberg)
• Crisis forces "dismal science" to get real (Reuters)
• Hope continues to be as a strategy: Asia Stocks Rise On Expectation Of Monetary Policy Easing (Bloomberg)

A bottle of Bollinger has brought down Bob. This is just the beginning, because one knows Barclays by definition was not alone. Many, many more banks will emerge, hopefully their bankers were not quite as dumb as Barclays' henchmen to discuss in retainable, email format their plans for interest rate manipulation, although we doubt it. In which case many more executives will fall as all those "conspiracy theorists" over the past 4 years are proven right once again, and as politicians scramble to cover up all loose ends which may expose them as instrumental (and bribed) in the fact that the "market" is once big farce. In the meantime, courtesy of the WSJ, here are the shocked, nay stunned, reactions to Bob Diamond's resignation.

First the Chairman Marcus Agius, and now both Barclays' CEO Bob Diamond and the COO del Misser are quitting. Full sweep.