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(Bloomberg)   Traders are rigging currency rates to profit off clients. This is not a repeat from last year   (bloomberg.com) divider line 17
    More: Obvious, MSCI, State Street, Barclays plc, Libor, buyer beware, UBSN, berg L.P., exchange rates  
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1049 clicks; posted to Business » on 12 Jun 2013 at 11:40 AM (45 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-06-12 11:56:35 AM
you don't say
 
2013-06-12 12:04:33 PM
No, last year they were rigging interbank interest rates.  Try to keep up.
 
2013-06-12 12:07:34 PM

TDBoedy: you don't say


lutz....came to say the same thing.
/whats that? banks trade against your trade? ...you don't say :-)
 
2013-06-12 12:32:59 PM
You mean people who were rigging the system that then resisted regulation are rigging the system again?

The HELL you say!
 
2013-06-12 12:42:45 PM
Of course they are.
 
2013-06-12 01:10:16 PM
B-b-b-but some guy on the internets told me that Forex is like an incredible secret money machine, and if I pay him for some seekrit techniques I can't not wind up rich!
 
2013-06-12 01:11:39 PM
While not exactly related to the article, my mother in law bought millions of Iraqi Dinar for 3000 dinar to the dollar because she heard there would be a revaluation of the Dinar and it would be traded for 1 Dinar to the Dollar.  I hate to be the one that has to explain to her that's not quite how currency revaluation would go, but she's completely adamant that she's going to be a millionaire any day now.

I imagine if this were how currency revaluations went, anyone that kept money from Weichmarcht Germany would be ridiculously rich.
 
2013-06-12 01:23:24 PM

phaseolus: B-b-b-but some guy on the internets told me that Forex is like an incredible secret money machine, and if I pay him for some seekrit techniques I can't not wind up rich!


oh..it is...but ya gotta know the rules.
 
2013-06-12 03:29:05 PM
This is not a repeat from forever you mean.  The rigging will go on until morale improves!
 
2013-06-12 03:54:42 PM
most retail traders know this in some sense (broker takes the other side of your position, runs your stops, etc); that's not really the point of the article.

the issue here is that bank traders are farking hedge and index fund managers out of money; these managers look at the rate as just the cost of doing business, but that cost gets passed on to investors in those funds.

it's not LIBOR, but it's similar in that it's banks ultimately screwing investors because they're allowed to play in the same markets they're making, and we're letting them make up the rules as they go.
 
2013-06-12 04:01:45 PM
So, the big banks are playing FTSE.

Sexy time, we all get screwed.
 
2013-06-12 04:04:13 PM

Spindle: While not exactly related to the article, my mother in law bought millions of Iraqi Dinar for 3000 dinar to the dollar because she heard there would be a revaluation of the Dinar and it would be traded for 1 Dinar to the Dollar.  I hate to be the one that has to explain to her that's not quite how currency revaluation would go, but she's completely adamant that she's going to be a millionaire any day now.

I imagine if this were how currency revaluations went, anyone that kept money from Weichmarcht Germany would be ridiculously rich.


The $100 trillion dollar Zimbabwean note that I keep in a frame at my desk hopes your mother in law is 100% correct.

I'll buy you a skyscraper if it is.
 
2013-06-12 05:16:41 PM
The only way to win is not to play. No money in the system means banks can't do this sort of thing. And yes, Credit Unions are evil too. Most just turn around and store your money in a bank under their name
 
2013-06-12 05:23:58 PM

Lt. Col. Angus: Spindle: While not exactly related to the article, my mother in law bought millions of Iraqi Dinar for 3000 dinar to the dollar because she heard there would be a revaluation of the Dinar and it would be traded for 1 Dinar to the Dollar.  I hate to be the one that has to explain to her that's not quite how currency revaluation would go, but she's completely adamant that she's going to be a millionaire any day now.

I imagine if this were how currency revaluations went, anyone that kept money from Weichmarcht Germany would be ridiculously rich.

The $100 trillion dollar Zimbabwean note that I keep in a frame at my desk hopes your mother in law is 100% correct.

I'll buy you a skyscraper if it is.


Don't most of those bills have expiration dates?
 
2013-06-12 09:23:11 PM

threadjackistan: Don't most of those bills have expiration dates?


I DIDN'T CHECK!!!1
 
2013-06-12 11:48:21 PM

Spindle: While not exactly related to the article, my mother in law bought millions of Iraqi Dinar for 3000 dinar to the dollar because she heard there would be a revaluation of the Dinar and it would be traded for 1 Dinar to the Dollar.  I hate to be the one that has to explain to her that's not quite how currency revaluation would go, but she's completely adamant that she's going to be a millionaire any day now.

I imagine if this were how currency revaluations went, anyone that kept money from Weichmarcht Germany would be ridiculously rich.


Considering the Iraqi Dinar is about 1,1200~1,166 to one USD she's already made some money.  It looks like you take a big hit selling though.
 
2013-06-13 08:02:34 AM
Pretty sure that's how George Soros made his fortune.
 
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