How do you spell “bubble” in Chinese?
There are some stock market conspiracy theories out there that seem astoundingly plausible. Take market manipulation, for example…
If one number summarizes the global oil market, it’s 93,002,710.
This is a syndicated repost courtesy of Money Morning – We Make Investing Profitable. To view original, click here. Five of the world’s biggest banks pleaded guilty on Wednesday to manipulating foreign currency rates for their own benefit. They will now pay a combined $5.6 billion in penalties. A sixth bank, Bank of America Corp.…
The cost of criminality is built into the balance sheets of global financial institutions and accordingly priced into their stocks. Five of the world’s biggest banks -JPMorgan Chase, Citicorp, Barclays, UBS, and Royal Bank of Scotland – pleaded guilty to currency rigging in the $5 trillion a day foreign exchange market, and settled for fines totaling roughly $5.7 billion (representing the earnings of about a day or two for each bank).
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A few weeks ago, the man formerly known as the Bond King, Bill Gross, tweeted that shorting German bunds would be the trade of the century.