Friday, 8 August 2008

Smell of rat anyone?

Office of Fair Trading charges British Airways executives with price-fixing
Smith & Nephew threaten to sue Plus bosses
British Airways four charged with criminal price-fixing
UBS is close to $25bn securities settlement
Citigroup in $7.6bn settlement over auction-rate bonds

Just a selection of the news items regarding action is progress that is connected with alleged defalcation in high value money markets. One day's addition to a long long list that will keep my Learned Friends in wigs for a very long time. Cannot just be these few are the only ones. Just expand the Citigroup story to get the flavour.
Citigroup agreed to a $7.6 billion ($£3.9 billion) landmark deal with regulators yesterday to settle charges that it mis-sold bonds to customers. Hours later, Merrill Lynch announced its own plans to buy back from clients up to $10 billion of the same asset class, known as auction-rate securities (ARS). Analysts described the moves as “another body blow” to the banking industry.

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