This Bloomberg article talks about rigging in FX (foreign-exchange currency) trades by the traders.
Got it via Denninger who breaks it down.
Greed and dishonesty are nothing new, of course. The question is why have regulations to protect people if the regulations are not enforced, and there are no consequences?
For the last several years all the markets have moved in ways that seem detached from reality. I suppose this is a "conspiracy theory," but it's not really a theory. Insiders -- and the central banks are the ultimate insiders -- are manipulating the markets for the benefit of their tribe, to use a popular term. Governments will do nothing about it because deficit spending makes them dependent on the central banks. The finance ministers of all the developed nations are members of the same tribe as the central bankers. You can safely ignore the label they wear, e.g., Tory, Socialist, Republican, Labour, Democrat, etc., their true loyalties lie elsewhere.
We need to starve the beast. They won't police themselves, that seems apparent.
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