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.

  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?

  7. Guest says:

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

    – W Churchill

  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

  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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  40. Elba Cook says:

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

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