Conflict of interest? Royal Bank of Scotland is fighting a Canadian inquiry into the bank’s role in manipulating interbank lending, arguing that British law prevents the bank from turning over documents pertaining to the investigation. If RBS’ resistance is surprising, it’s because the bank has been majority-owned by the British government since the Read More
Today was the day that suddenly everyone knew that Libor was rigged, always. Not municipalities which entered into credit default swaps, maybe—though in which case, who was giving them advice?—but nearly everyone else. And absolutely the Federal Reserve Bank of New York, which revealed in response to a congressional inquiry that Read More
Naive! Morgan Stanley CEO James Gorman has no sympathy for Facebook investors who expected to profit from a first-day spike in share prices. “People who thought they were buying this stock so they could get an enormous pop were both naive and ordered under the wrong pretenses,” Mr. Gorman said yesterday in an interview with CNBC. To which he might have added: “Didn’t they read Devitt’s research?” Mr. Gorman, of course, had this to say in January to investment bankers upset over Morgan Stanley pay cuts: “You’re naive, read the newspaper.“ Read More
