Post LiborGate, Area Investment Advisor Doesn’t Think He’s Being Extreme In Suggesting We Relaunch The Revolutionary War

As long ago as June 2008, New York Federal Reserve President Timothy F. Geithner was warning the Bank of England that letting bankers set the benchmark interest rate for global finance was open to abuse. Governor Mervyn King’s failure then to take greater responsibility for Libor now poses a new threat to London’s drive to rival New York in the battle for a larger share of a shrinking international financial industry. “As a company, we now avoid London,” said David Kotok, who manages about $2 billion as chief investment officer at Cumberland Advisors Inc. in Sarasota, Florida. “It’s tarnished. Passing the buck to others, shirking responsibility and avoiding accountability characterizes the people at work there.” [Bloomberg via Heidi Moore]

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92 Responses to “Post LiborGate, Area Investment Advisor Doesn’t Think He’s Being Extreme In Suggesting We Relaunch The Revolutionary War”

  1. SoleEMio says:

    Almost stopped reading at $2bn but finally stopped reading at Sarasota, Florida.

    • guest says:

      and where are you writing from genius, new york city? enjoying those state and local income taxes? (florida has neither).

      • guest says:

        um…most people here are writing from nyc (or surrounding areas).

        -guy who's embarrassed for you

        • guest says:

          no kidding (another genius…). me too. but i don't particularly relish giving 10% of what i make to the morons in albany / city hall. and i'm not dumb enough to think that i derive anywhere near that much in benefits from living here.

          • Guest says:

            Something tells me your not in the 500k+ / year tax bracket… 5.25% is prolly the better rate.

            – NYS tax bracket quant

          • guestosaurus says:

            its true – if you never manage to get laid, you do not derive the benefits from living in NYC

          • guest says:

            um, not weighing in on the tax debate here, but you do realize that you just proudly announced that you can't get laid outside of the country's most densely populated urban area, right?

          • Guest says:

            Are you proudly announcing that 10% of your lifetime earnings are justified because of proximity to pussy? Sounds like something someone who didn't get laid in high school or undergrad would say. Dream big.

      • guest says:

        "enjoying those state and local income taxes? (florida has neither)."

        yeah, but you have to live in Florida

      • Deleveraging says:

        It's Sarasota. Besides being on the Gulf, it's nothing but Circus Freaks and Midwesterners

      • guest says:

        doing the same work and keeping 10% less of what you make is the NKI.

    • Grinders says:

      Thanks for keeping us abreast of your reading progress. Keep up the hard work. You're doing great!

      -Hooked-On-Phonics Literacy Analyst

      • N'08's tutuor says:

        Yea right, the guy is absolutely tearing through that paragraph. I wish my students could make similar progress.

    • Guest says:

      But its only 80F in Sarasota right now..

      –Guy from NY that hates the heat

  2. Very Superstitious says:


    — Sons of Liberty S&T MD

  3. PFG Compliance MD says:

    Yep, we should keep our business right here in the USA, where accountability and honesty regin supreme, bring your business right on down to Cedar Falls…er, wait.

  4. Sean says:

    There's a story going around 'bout how some twenty Redcoats got killed by a ghost or some damn thing, carried a Cherokee tomahawk.

  5. Kouwe says:

    My parents almost named me Mervyn.

  6. PermaGuestII says:

    Isn't Cumberland mostly a Muni shop– in which case London would be more-or-less irrelevant anyway?

    • guest says:

      Shut your mouth when I'm talking to you!

      – David K.

      • ATM says:

        I fucking loved There's Something About Mary!

        • lolwut says:

          That's nice. What did you think of Wedding Crashers?

          • Guest says:

            To clarify….. London, Minnesota. Median household income of $34,018. They wanted to float $2.3B of GOs to revamp the surrounding roads for the annual antique car endurance race. Which, admittedly, sounds like a phenomenal investment at first glance…… but ya know Libor being what it is….

            -D. Kotok, Part Time Wikipedia Contributor, Full Time Overcommitter

          • guest says:

            Awesome idea.

            – Jerry Seinfeld, Jay Leno, Rich Car Enthusiasts et. al

        • Guest says:

          Worst comment since 11:28am on Friday.

    • guest says:

      Yeah, and?

      -bberg reporter who was desperate for a quote

    • Guest says:

      They also have (had) a managed ETFs business but folks couldn't stand to work with DK and left.

    • Guest says:

      Yep, muni's. Hate London. Love SB City. Well, loved SB City.

  7. Guest says:

    Madam, we may shirk responsibility but in the morning you will still work for Cumberland Advisors.

    – W Churchill

    • PermaGuestII says:

      Got to love a guy that could save Western civilization while still boozing like a champion on a nightly basis.

      -Guy who notes that Hitler was a non-smoking vegetarian teetotaller

      • Drunken Matt Fan says:

        Don't forget that split of Pol Roger in the morning.

        -Guy who uses historical figures to rationalize and justify his alcohol consumption* much in the same way he uses Matt posts to rationalize and justify his treatment of material non public information.**

        *And really hopes his boss can appreciate the historical similarities
        **And doubts the SEC could make it all the way through a Matt post but assumes they are too busy watching porn to get around to much else.

      • Guest says:

        But Hitler sure loved himself some amphetamines!

        -Goebbel's Gerbils

      • Little Fritz says:

        Actually, Adolf drank White Star (Von R. was a champagne salesman in a former life) and beer. Just didn't drink more than one or two at a time. Or, as W.C. would put it, "a warmup".

        -guy who knows more about this than is useful and finally found a pointless place to use it

      • JohnnyCanes says:

        Hitler was hooked on amphetamine during the war, as well as numerous prescription drugs.

  8. Guest says:

    "Passing the buck to others, shirking responsibility and avoiding accountability characterizes the people at work there."

    Where can I sign up?

    – JC

    • Z. Kouwe says:

      Get in the back of the line you rich asshole, I actually need the money. I've been crashing on Taibbi's couch for months now.

  9. Marlboro Prangdune says:

    We shall smite them on the beaches…

  10. UBS Head FX Trader says:

    I am pretty sure they aren't "passing the buck" in London

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