- Gorman Says Chance of Another Financial Crisis Near Zero - Bloomberg
Morgan Stanley (MS) Chief Executive Officer James Gorman said there's almost no chance of another financial crisis like the one that endangered his firm five years ago.
While Gorman said Wall Street banks should've had stronger clawbacks of bonuses in the 2008 crisis, he doesn't agree with assertions that executives should have gone to prison for their roles in the collapse."There's a difference between incompetence or mismanagement or poor judgment or excessive risk taking from actually breaking the law," Gorman said. "There's nothing I've seen that would suggest that any of the major participants in the financial crisis should be in jail for their actions."
He is obviously ignoring the US Senate Hearing during which Senator Levin proved criminality; however, the Obama administration looked "forward" to let the banksters off the hook for the sake of future recompense to administration members, including Barack Obama.
- David Dayen: BofA/Merrill Lynch Analyst Says QE and Housing Policy Boosting Inequality - naked capitalism This is a good reason to be anti-establishment.
- 16 Major Firms May Have Received Early Data From Thomson Reuters | Matt Taibbi | Rolling Stone
Readers may recall an ugly story that broke earlier this summer, when New York State Attorney General Eric Schneiderman rebuked the news/business information firm Thomson Reuters for selling access to key economic survey data two seconds early to high-frequency algorithmic traders. The story strongly suggested that some Thomson Reuters customers were using their two-second head start (an eternity in the modern world of computerized trading) to front-run the markets.
"The early release of market-moving survey data undermines fair play in the markets," Schneiderman said, back in the second week of July. Thomson Reuters suspended the practice of selling two-second head starts after Schneiderman insisted upon a change. Still, the firm defiantly refused to declare the change permanent and insisted that it had the right to "legally distribute non-governmental data" to "fee-paying subscribers."
It turns out that there's more to the story.
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