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"And a whole lot of unknown bond and CDS holdings"
How about Greek CDS?
How about Volkswagen stock?
Cameron McKenna said: “This isn’t quite a US-style dragging people off the trading floor, but it’s going that way. The FSA is striking to maintain the good name of the City. But the proof of the striking is in the jailing, and we will have to wait several years before we know whether FSA has found a smoking gun or a damp squib.”
"....have been arrested on suspicion of being involved in a sophisticated and long-running insider dealing ring."
Must be unofficial insider dealing. We all understand the purpose of the "authorities" by now, right? They are there to keep the competition or hanger-ons out of the game, or at least disorganized and ineffective.
The purpose of the bribes paid to the police and judges during the heyday of the US mob was to make sure the "made" men weren't hassled but everyone else was. In order to understand what's going on, just spool up a copy of "Godfather" or some other classic gangster movie.
Incredible. I'd be surprised if Bacon himself was involved. An underling maybe, trying to juice his return for a good bonus, but Bacon is better than this. Wasn't he rumored to be one of the funds taking large Greek sovereign CDS positions? If so, Euro's are playing hardball.
Not good, the Brits like their bacon extra crispy. :)
As Balzac once said,"The secret of a great success for which you are at a loss to account is a crime that has never been found out, because it was properly executed." Until now.
if Honoré Balzac could speak country music, he'd a' said it like this!
Peston said on BBC main news that it's an employee acting on his own account, not the company.
of course it was. A rogue trader, just like Madoff did it all by himself too.
Him and Oswald.
Just an aside, why is the US charging Diamler with bribery? Isn't this 'de rigeur' in the Senate and Congress, no charges there!
From the BBC article:
"Moore Capital's understanding is that the FSA is probing private dealings by the trader, rather than trades for the firm. If true, that would limit the reputational damage to the firm."
C'mon ZH, you are entering the Yellow Journalism zone here.
I think their biggest crime was the dreck stocks they were in possession of.
"Serious Organized Crime Agency"
There I was thinking this was one of your made up agency names, only to discover it's real. That sure is imaginitave. I wonder if there is a "really serious organized crime agency"
Time to replace one fraud with another in the news cycle. Rinse & repeat
If only we had an organization like this in the US to pursue insider trading. Perhaps some sort of "commission", charged with policing "securities" and "exchanges." Wouldn't that be something?
haha very droll............:~)
Fannie and Freddie hearings happened today. I saw Elizabeth Warren at the hunan dynasty on independence. It was kind of neat, but I forgot to ask her for a job.
Louis Bacon himself doesn't trade stocks.
He trades macro, so sovereign CDS and currencies.It is now confirmed they are investigating an individual for trades on his own account, not for the firm. Sorry, ZHers, this time you fell prey of sensationalizing ...there will not be a dissolution of Moore Capital.
USD index continues to get stronger, and we know what that means ...
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