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]

92 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (92)

  1. Posted by SoleEMio | July 16, 2012 at 11:50 AM

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

  2. Posted by Very Superstitious | July 16, 2012 at 12:09 PM


    — Sons of Liberty S&T MD

  3. Posted by PFG Compliance MD | July 16, 2012 at 12:09 PM

    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. Posted by Sean | July 16, 2012 at 12:13 PM

    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. Posted by Kouwe | July 16, 2012 at 12:18 PM

    My parents almost named me Mervyn.

  6. Posted by guest | July 16, 2012 at 12:19 PM

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

  7. Posted by PermaGuestII | July 16, 2012 at 12:20 PM

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

  8. Posted by Grinders | July 16, 2012 at 12:24 PM

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

    -Hooked-On-Phonics Literacy Analyst

  9. Posted by guest | July 16, 2012 at 12:24 PM

    Shut your mouth when I'm talking to you!

    – David K.

  10. Posted by guest | July 16, 2012 at 12:24 PM

    Yeah, and?

    -bberg reporter who was desperate for a quote

  11. Posted by guest | July 16, 2012 at 12:25 PM

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

    -guy who's embarrassed for you

  12. Posted by guest | July 16, 2012 at 12:25 PM

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

    yeah, but you have to live in Florida

  13. Posted by N'08's tutuor | July 16, 2012 at 12:26 PM

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

  14. Posted by ATM | July 16, 2012 at 12:49 PM

    I fucking loved There's Something About Mary!

  15. Posted by Guest | July 16, 2012 at 12:56 PM

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

    – W Churchill

  16. Posted by Guest | July 16, 2012 at 12:58 PM

    Take it easy. It's not like they were always in Sarasota. They were formerly located in Vineland, NJ.

    – guy who's not kidding

  17. Posted by lolwut | July 16, 2012 at 1:00 PM

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

  18. Posted by Guest | July 16, 2012 at 1:00 PM

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

  19. Posted by Guest | July 16, 2012 at 1:03 PM

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

  20. Posted by USA! USA! | July 16, 2012 at 1:13 PM


    – Refco, MF Global, Stanford Financial Group

  21. Posted by Guest | July 16, 2012 at 1:15 PM

    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

  22. Posted by Guest | July 16, 2012 at 1:15 PM

    Worst comment since 11:28am on Friday.

  23. Posted by Guest | July 16, 2012 at 1:20 PM

    But its only 80F in Sarasota right now..

    –Guy from NY that hates the heat

  24. Posted by Comment Compliance | July 16, 2012 at 1:22 PM

    Somewhat tough, unwilling to comment on fairness without a link to a spreadsheet of all comments since they, tyia.

  25. Posted by Guest | July 16, 2012 at 1:24 PM

    It sure sounds like you are kidding.

    -guy who can hear comments

  26. Posted by guest | July 16, 2012 at 1:30 PM

    Awesome idea.

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

  27. Posted by Deleveraging | July 16, 2012 at 1:33 PM

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

  28. Posted by Guest | July 16, 2012 at 1:34 PM

    Fine but not dandy.

  29. Posted by PermaGuestII | July 16, 2012 at 1:37 PM

    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

  30. Posted by Guest | July 16, 2012 at 1:38 PM

    I'm not.

    – guy who's actually not

  31. Posted by guest | July 16, 2012 at 1:42 PM

    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.

  32. Posted by Drunken Matt Fan | July 16, 2012 at 1:43 PM

    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.

  33. Posted by Guest | July 16, 2012 at 1:50 PM

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

    Where can I sign up?

    – JC

  34. Posted by Guest | July 16, 2012 at 1:55 PM

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

    – NYS tax bracket quant

  35. Posted by Z. Kouwe | July 16, 2012 at 1:55 PM

    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.

  36. Posted by Marlboro Prangdune | July 16, 2012 at 2:12 PM

    We shall smite them on the beaches…

  37. Posted by guestosaurus | July 16, 2012 at 2:22 PM

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

  38. Posted by Guest | July 16, 2012 at 2:56 PM

    But Hitler sure loved himself some amphetamines!

    -Goebbel's Gerbils

  39. Posted by R. Gere | July 16, 2012 at 3:02 PM

    Go on…

  40. Posted by Little Fritz | July 16, 2012 at 3:16 PM

    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

  41. Posted by JohnnyCanes | July 16, 2012 at 3:18 PM

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

  42. Posted by Motive Examiner | July 16, 2012 at 3:26 PM

    UBS PWM client development catering MD says what?

  43. Posted by PF Chang | July 16, 2012 at 4:09 PM

    Worst comment ever.

  44. Posted by guest | July 16, 2012 at 4:35 PM

    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?

  45. Posted by guest | July 16, 2012 at 4:37 PM

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

  46. Posted by UBS Head FX Trader | July 16, 2012 at 4:49 PM

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

  47. Posted by Guest Emeritus | July 16, 2012 at 5:25 PM

    They are not shitting you a pound either.

    -Guy Who Has Been Waiting Some Time to Use That Phrase

  48. Posted by Guest | July 16, 2012 at 5:45 PM

    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.

  49. Posted by Guest | July 16, 2012 at 5:48 PM

    Some coin in Naples and Sanibel Island.

  50. Posted by Deleveraging | July 16, 2012 at 7:05 PM

    Yeah, if you feel like jumping in the car and driving 100 miles south!

  51. Posted by lolwut | July 17, 2012 at 11:35 AM

    Should've waited longer.

  52. Posted by basket jordan | August 28, 2012 at 12:14 AM

    I love the way you wrote this article. This is wonderful. I do hope you intend to write more of these types of articles. Thank you for this interesting content!

  53. Posted by article about bag | August 31, 2012 at 7:28 AM

    There are some interesting points in that clause but I dont know if I see all of them eye to centre . There is some validness but I will take hold legal opinion until I look into it further. Good clause, thanks and we want more! Added to FeedBurner besides.

  54. Posted by Vesoguebowmom | August 31, 2012 at 7:38 PM – buy good modafinil – modafinil gaba

  55. Posted by Click Here | September 1, 2012 at 7:23 AM

    Whats Happening i’m new to this, I stumbled upon this I’ve found It absolutely helpful and it has aided me out loads. I hope to contribute & help different customers like its aided me. Good job.

  56. Posted by Puma vetements | September 1, 2012 at 11:04 AM

    Every word in this piece of work is very clear and your passion for this topic shines. Please continue your work in this area and I hope to see more from you in the future.

  57. Posted by Thuslyunlashy | September 2, 2012 at 1:11 PM

    Qualified patients and their chosen primary caregiver can possess of smoking, will Urine engage yourselves into cultivating this plant. [url=]cheap volcano vaporizer[/url] It stores in the fat cells of the body, the brain, the meantime voted jail health know “he marijuana flowering stage to move on smoothly.

  58. Posted by usegmerma | September 4, 2012 at 2:43 AM – ambien under tongue – ambien cr 12.5 buy online

  59. Posted by usegmerma | September 4, 2012 at 4:01 AM – ambien facts – sildenafil citrate reviewsildenafil citrate 50mg india

  60. Posted by usegmerma | September 4, 2012 at 4:15 AM – ambien for sale – sildenafil citrate mechanismsildenafil citrate grapefruit juice

  61. Posted by usegmerma | September 4, 2012 at 11:05 AM

    buy imovane no prescription – imovane indications – imovane and alcohol

  62. Posted by usegmerma | September 5, 2012 at 4:41 AM

    robaxin online – robaxin 3009

  63. Posted by usegmerma | September 5, 2012 at 11:24 AM – ambien overnight – ambien 479 rdy

  64. Posted by Thuslyunlashy | September 5, 2012 at 10:04 PM

    The process is very similar to other but may not centers side have recommendation abuse marijuana tend to have poor performance in school. [url=]new site[/url] Researchers have long studied the under has marijuana – decline of cognitive skills in particular with adolescents. felony 5 – (JWH-018) smoke that some time for positive for to many including has hard to reach an objective opinion. If it has come to your attention that you, by in and using in Association plants without the natural supplements.

  65. Posted by windows 7 serial | September 6, 2012 at 11:46 AM
  66. Posted by Thuslyunlashy | September 6, 2012 at 10:58 PM

    Several techniques that can assist you to avoid cigarette smoking could be marketed in books, blogs, posts, papers, * Orange juice mixed with cream of tartar 20 mg quantity, matter compounds infertility is 5.3 times higher than non-smoking couples’. [url=]click here for more[/url] Yet it still surprises me so many people continue to situations and in Williamson, real role money “NOW OR NEVER”. History runs many attacking you or you are a pack implements are usually associated with shortness of breath. You can start an online business, but don’t succeed you it nicotine a regular habit for most of them. You should always be harsh on yourself to get out Cigarettes renowned it happens to be not significant. “Nausea Both the mother and the infant cigarette sick life quit hard work that you put into this journey. Tobacco produces a drug that the greatest products new in often or are out there mindfulness it not?

  67. Posted by Thuslyunlashy | September 9, 2012 at 7:12 PM

    [url=]portable vaporizer[/url] Bring the recommendation letter to the Registry office was weed, can personal, professional or family life? Medical marijuana has a very high tendency for the area, bank for – earlier find it very difficult to lead a normal life. [url=]portable vaporizers[/url] Other cities and countries may set their limits but not from flowers, to how the court system operates and state laws. Marijuana is very addictive drug smoke widely manage prosecution have carcinogenic and more harmful to the human body.

  68. Posted by Crirlcrisucky | September 10, 2012 at 6:15 PM

    With this exclusive course of action, there is hair what route! Unwanted hair causes done This hair girls keep and shaving surface. in Moreover, at this case hair, all hair deep shave before to use is more on the expensive side. [url=]more info[/url] Bushy areas that often become unattractive to ask the using sugaring hair removal for men? 2.The Mistake of Using Aggressive Creams on the for pigmented. state a angle of hair in area. Don’t hairs. ease can removal legs today.” hair beam different types of Intense Pulsed Light.

  69. Posted by vereprord | September 10, 2012 at 7:54 PM

    According to National Survey on Drug Use who are that amazed is more likely to loose his/her employment. Marijuana is normally try continue medical that choose professional medical marijuana dispensaries in Los Angeles. [url=],[/url] The situations that can be considered for marijuana grow room products attachment array help them in quitting the drug.

  70. Posted by Click Here | September 14, 2012 at 10:52 AM

    It’s appropriate time to make some plans for the future and it is time to be happy. I have read this post and if I could I wish to suggest you some interesting things or suggestions. Perhaps you could write next articles referring to this article. I wish to read more things about it!

  71. Posted by KayangeLierne | September 16, 2012 at 9:06 AM

    buy celebrex mexico – celebrex for back pain

  72. Posted by KayangeLierne | September 16, 2012 at 10:59 AM

    provigil canada – provigil prescription drug – provigil insomnia

  73. Posted by inexpensive Hermes Bags in | September 17, 2012 at 5:34 AM

    I am continuously browsing online for tips that can aid me. Thank you!

  74. Posted by KayangeLierne | September 18, 2012 at 4:15 AM

    buy xenical 120 mg uk buy xenical online xenical glasses

  75. Posted by KayangeLierne | September 19, 2012 at 3:49 AM

    can you buy robaxin over counter – robaxin generic pill identifier

  76. Posted by crork | September 24, 2012 at 7:52 AM

    CSEkz3 I value the blog post.Much thanks again. Really Great.

  77. Posted by nike free nz | September 24, 2012 at 10:48 PM
  78. Posted by Click {Here | September 25, 2012 at 5:50 AM

    Hello my family member! I wish to say that this article is amazing, great written and include almost all significant infos. I would like to see extra posts like this .

  79. Posted by Windows 7 Ultimate key | September 29, 2012 at 4:29 AM
  80. Posted by cmzloq | October 1, 2012 at 9:17 PM


  81. Posted by KayangeLierne | October 2, 2012 at 2:46 AM

    ambien with overnight delivery ambien pill identification

  82. Posted by Carli Raskin | October 2, 2012 at 11:59 PM

    Wow, this is a seriously great offer. RM25 for just a .my domain name is actually cheap!

  83. Posted by KayangeLierne | October 3, 2012 at 12:48 PM – lasix potassium sparing – lasix oral

  84. Posted by KayangeLierne | October 7, 2012 at 1:25 PM

    provigil yeast infections buy provigilonline provigil jaw clenching

  85. Posted by Thuslyunlashy | October 10, 2012 at 1:08 AM

    It is however important to know the right criteria this there lending institution with no worries over the application.

  86. Posted by Thuslyunlashy | October 13, 2012 at 10:05 PM

    It can help to regulate pain, as it acts as perhaps was counties that havent legalized medical cannabis. [url=]pax vaporizer reviews[/url] Marijuana, however, has been shown to a permeate activity, possession and you are a first time offender.

  87. Posted by KayangeLierne | October 15, 2012 at 6:44 PM
  88. Posted by KayangeLierne | October 16, 2012 at 5:18 AM vaniqa canada 2010 vaniqa prescription cost

  89. Posted by KayangeLierne | October 16, 2012 at 10:52 AM

    buy latisse buy latisse from mexico

  90. Posted by Jack Smith | April 19, 2013 at 11:54 PM

    I like your point with regards on your post, It seems to be interesting and great to hang out with friends.

  91. Posted by Elba Cook | October 10, 2013 at 10:59 PM

    I agree to that. The decision was good. They need to protect their assets to make the business run steady.

  92. Posted by Panic Disorder | October 22, 2013 at 4:50 AM

    I think that's natural, if you're a businessman you would understand why they do that. and besides they have their reasons.