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Banking in the spotlight Barclays goes one too far for the establishment

#21 User is offline   scotto 

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Posted 08 August 2012 - 11:04 AM

Now a bank is suspected of doing deals with a sanctioned nationin order to - guess what - makes lots of money. Who are these people?
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#22 User is offline   scotto 

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Posted 14 August 2012 - 10:37 AM

And now we see that banks in Australia were running their very own sub prime mortage scam, with one of the participants now revealing all.
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#23 User is offline   NotFrogman 

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Posted 15 August 2012 - 11:27 AM

http://www.crikey.co...eyve-gone-wild/
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#24 User is offline   scotto 

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Posted 16 August 2012 - 09:06 AM

Banks and tobacco companies: who can tell the difference?
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#25 User is offline   scotto 

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Posted 16 August 2012 - 02:36 PM

Another great piece of historical analysis by Alan Kohler regarding the banks' ability to get away with anything.
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#26 User is offline   scotto 

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Posted 22 August 2012 - 03:33 PM

View Postscotto, on 16 August 2012 - 02:36 PM, said:

Another great piece of historical analysis by Alan Kohler regarding the banks' ability to get away with anything.

Alan Kohler just can't help himself. He's written on this occasion a great exposition of the problems with derivative tradingand gambling by banks with these.
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#27 User is offline   Bam 

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Posted 12 September 2012 - 07:46 PM

View Postscotto, on 22 August 2012 - 03:33 PM, said:

Alan Kohler just can't help himself. He's written on this occasion a great exposition of the problems with derivative trading and gambling by banks with these.

There's a solution if anyone's got the courage to implement it.
Tiny Tax on Financial Trades Gains Advocates (The New York Times)
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#28 User is offline   scotto 

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Posted 13 September 2012 - 09:11 AM

View PostBam, on 12 September 2012 - 07:46 PM, said:

There's a solution if anyone's got the courage to implement it.
Tiny Tax on Financial Trades Gains Advocates (The New York Times)

It's a great idea. I know that London was booed down when they first proposed this after GFC I, but at the time it seemed like a reasonable idea. Glad to see it has got new legs.
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#29 User is offline   scotto 

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Posted 18 September 2012 - 09:16 AM

I see that Alan Kohler has again been right on the mark. A month or so ago he wrote a piece outlining problems with high frequency trading on the stock market; we see now that ASICis concerned about this as well.
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#30 User is offline   NotFrogman 

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Posted 18 September 2012 - 09:25 AM

View Postscotto, on 18 September 2012 - 09:16 AM, said:

I see that Alan Kohler has again been right on the mark. A month or so ago he wrote a piece outlining problems with high frequency trading on the stock market; we see now that ASICis concerned about this as well.

We have been banging on about this in the office for quite some time now. Bout time someone had a good long look at it.
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#31 User is offline   scotto 

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Posted 18 September 2012 - 10:06 AM

View PostNotFrogman, on 18 September 2012 - 09:25 AM, said:

We have been banging on about this in the office for quite some time now. Bout time someone had a good long look at it.

It sounds like a legalised form of cheating the market to me.
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#32 User is offline   NotFrogman 

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Posted 18 September 2012 - 10:27 AM

View Postscotto, on 18 September 2012 - 10:06 AM, said:

It sounds like a legalised form of cheating the market to me.

It is.

Its only open to a small group of people. It allows them information before anyone else in the market gets it, and they can act on that information faster than anyone else.

The entire market is like that though. I have restrictions on my trading that other people simply dont have, that make a material difference in the profit I can generate for my clients. For example, I cannot place an order that is too far from the current market price. The system simply wont let me. Yet other people can place orders way outside my range.
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#33 User is offline   scotto 

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Posted 18 September 2012 - 03:44 PM

View PostNotFrogman, on 18 September 2012 - 10:27 AM, said:

It is.

Its only open to a small group of people. It allows them information before anyone else in the market gets it, and they can act on that information faster than anyone else.

The entire market is like that though. I have restrictions on my trading that other people simply dont have, that make a material difference in the profit I can generate for my clients. For example, I cannot place an order that is too far from the current market price. The system simply wont let me. Yet other people can place orders way outside my range.

It all sounds pretty complicated, and way outside my experience. The HFT stuff though sounds like a straight out rort. Kohler seemed to think it's too late to cut it out when he wrote his original article.
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#34 User is offline   scotto 

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Posted 27 September 2012 - 08:21 AM

Alan Kohler is clearly my hero. He's put out a piece on all the bad things about derivatives - which seems to be plenty - on the ABC site today.

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I no longer think derivatives should just be banned. I now think they should be treated as gambling, and then banned.

That is, CFDs, CDOs, SCDOs, CPDOs, CDS and all the various other acronyms that might masquerade as financial instruments should be brought under the Interactive Gambling Act (2001), which makes it an offence to offer "real money" online gambling to residents of Australia.

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#35 User is offline   NotFrogman 

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Posted 27 September 2012 - 08:43 AM

I agree with the banning of CFDs and other obscure, difficult to understand derivatives, but options should be allowed.
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#36 User is offline   icey 

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Posted 27 September 2012 - 11:21 AM

View PostNotFrogman, on 27 September 2012 - 08:43 AM, said:

I agree with the banning of CFDs and other obscure, difficult to understand derivatives, but options should be allowed.


For those that find CFD's and the like difficult to understand, roulette is way simpler and just as effective for the common man.
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#37 User is offline   NotFrogman 

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Posted 27 September 2012 - 11:29 AM

View Posticey, on 27 September 2012 - 11:21 AM, said:

For those that find CFD's and the like difficult to understand, roulette is way simpler and just as effective for the common man.

I understand this, which is why you should talk to a financial advisor before even thinking about touching any sort of leveraged product. Its why I think CFDs and other obscure, difficult to understand derivatives should be banned.

However, options are useful for a few reasons, and its possible to only have a rudimentary understanding of them, and still use the effectively. Of course, you should still seek good financial advice before you think about buying or selling options.
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#38 User is offline   scotto 

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Posted 25 October 2012 - 07:13 AM

For fans of unintentional irony, try this headline from the ABC today:

"ANZ posts $5.7b profit, warns tougher times ahead"

Apparently nearly $6B isn't enough to make things okay.
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#39 User is offline   scotto 

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Posted 02 November 2012 - 05:32 AM

An interesting interview from the eye of he GFC storm - Greg Smith, formerly go Goldman Sachs, talks about what's still wrongwith Wall St.

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So, I'd been at Goldman Sachs for 12 years. It was my entire career. And I was a very strong advocate of the firm. I used to fly out to Stanford University twice a year. I appeared in a Goldman Sachs recruiting video. And ultimately, after the financial crisis where your viewers might know Goldman was forced to settle a half a billion dollar fraud suit with the Government, I had been drinking the Kool-Aid for a long time and believing that the firm was doing everything right. But I think when I took a hard look at some of the actions that took place in 2010 when Goldman did settle and you took a hard look, was the firm misrepresenting things to clients? And the answer I came up with was yes.
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