What follows is not from The Onion. It is from FT: The foreign exchange market needs “fine tuning” rather than heavy handed reform, the chairman of Barclays argued on Thursday, as he unveiled a new compliance academy aimed at raising standards within the bank. Sir David Walker said that while the forex market was “vulnerable to taint” it had worked well for a very long time and that the focus now should be on ensuring better conduct by traders. Translation: it may be rigged, but its rigged in a way that makes the riggers money. As for everyone else, if only the regulators had kept their mouth shut, nobody would have been the wiser and we could just blame those fringe blogs accusing banks of manipulating various assets of being conspriacy theorists. Which reminds us: we need to send some more Christmas stocking stuffers to the FSA...
Posted on: Thu, 03 Jul 2014 23:21:02 +0000
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