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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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

    NO RED(COATS) ON THE FUCKING TRADING DESK!

    – 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

    Co-signed

    - 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.

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

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    Should've waited longer.

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