The FX market’s entry into the Great Libor Scandal Lookalike Contest may have been a little underwhelming1 – Libor, a made-up number, was manipulated by making up a different number; the FX market’s WM/Reuters benchmark, which was derived from actual trades, was manipulated by actually trading – but the judges deemed it adequate:
“All benchmarks share similar vulnerabilities so there is a need for a framework that applies to all benchmarks to ensure their integrity and restore market confidence,” Chantal Hughes, a spokeswoman for European Union Financial Services Commissioner Michel Barnier, said in an e-mailed statement.
Trade-based and poll-based benchmarks would actually seem to share opposite, not similar, vulnerabilities, but whatever: uniform standard-setting is vaguely afoot, and “The International Organization of Securities Commissions, a Madrid-based group known as Iosco that harmonizes market rules, may propose final guidelines improving transparency and oversight of benchmarks.” I guess they’ll make the poll-based benchmarks more like the trade-based benchmarks? Which were also manipulated? Read more »
Juerg Buergin only pays of age women for sex, ergo that girl took advantage of him, says lawyer. Read more »
Have you ever had construction going on nearby your home? Was it loud? Annoying? Did keep it keep you up in the middle of the night? Did you seriously consider opening your window and screaming “Hey! Shut the hell up down there!” or even confronting the people making all that racket face to face? Olivier Desbarres can relate. Or at least he can half relate. Because while most of you were probably talked out of making some sort of scene, either by your significant other or your own impulse control, on October 20th Desbarres decided to go in another direction, the one that involved introducing himself to the construction workers building a house near his own by screaming, “I’m gonna go after you, I will haunt you, I’m gonna burn your fucking house down, I will find your fucking family,” a task he noted would be fairly simple and straightforward (“I can find [them] very easily,” he explained, “I’m a man with resources”), in case there were doubts (a fairly reasonable concern, as there are a lot of people in Singapore and how were these guys supposed to know he had an army of Barclays researchers at his disposal?).
Still worried that the group wasn’t taking his threats seriously on account of the casual look he was sporting that morning– shorts and sandals– Desbarres then picked up some sheet metal and launched it in their direction, presumably to demonstrate he meant business.* Although that would have been a good time to make his exit, at that point Desbarres noticed that one of the men had been recording him without his consent, leading to: Read more »
Just because their manipulation of Libor has gotten the most notice doesn’t mean it’s the only thing like to mess with. Don’t box them into that corner, like your one-trick ponies at Barclays. Read more »
As you may have heard, Goldman Sachs, like a bunch of other banks, is bracing for some upcoming layoffs. But there is heartening news yet! Should you get the ax and not be able to imagine working for any other firm (after waking up each morning with the possibility of interfacing with, brushing up against, gazing at from across the room, or simply being on the receiving end of one of his Lloyd’s firm-wide voicemails, anything else would be a let down), your chances of getting rehired just skyrocketed, assuming you’re willing to relocate. Read more »
One point for the CFA track.
From: Student Council – Social Reps
Subject: Campus Exchange – Update on Restrictions
As some of you are aware, the MBA office has decided to put in place certain restrictions on the campus exchange.
Since the beginning of this year, and particularly in January/February, some students have behaved in an unacceptable manner, usually involving irresponsible alcohol consumption, raucous behaviour and partial nudity on and off campus. This has coincided with executive programmes and careers events and has placed INSEAD in a negative light with many visitors. The Social Reps uphold the “Work Hard, Play Hard” ethic at INSEAD, after all we basically invented the notion, but we have to agree with the MBA office that some recent behaviour is beyond reasonable and may adversely affect us all.