Thursday, April 22, 2010
Derivatives go the way of the Dodo (new york times)
Marshall Wasters Become Europhiles (hedge fund week)
Re-reading the same article and its just a feeder fund (hedge fund week)
More people on benefits than tax payers (bbc)
Paulson gives the middle finger and says yahboo (finalternatives)
Paulson's shareholder letter (hitc)
Hedgies banned (in fact we all are) from sexist, derogatory and debased clubs where mostly Eastern Europe women make money showing off their [Editor: Stop it] (guardian)
Hedgies give middle finger to High Net Worths (investment international)
IMF is the new world Government (cityam)
Junior employee caught up in political wrangle at Goldman Sachs (telegraph)
IMF threatens to nuke Greece (bloomberg)
Nice boy Fabrice comes out (telegraph)
Obama talks tough but does nothing as usual (new york times)
So the LSE is making it cheaper for Goldman's high frequency trading desk? And why not? The LSE is a disgrace - it is a closed shop, a monopoly and the back door is permanently shut. But we all know this. We also know that the world's governments were duped by super smart bankers and given a second chance to make even more money. We also know that the world is in huge debt denial and it won't be long before inflation and interest rate rises are the norm and all property will be treated as theft.
I saw some hippies sunning themselves in Hyde Park yesterday, strumming their $3000 guitars and doing whatever hippies do. They were at peace with the world and I fancied joining them. However, my 5 day stubble was not a beard and I was rejected from the sing song. Their songs were of protest and blame and wanting something for nothing.
It is a nice dream but the reality is much more exciting. We live in a post modernist USSR world of red tape and the black economy. Capitalism is quick, Bureaucracy is slow. UCITS trumps AIFM; Mis-selling trumps Due Diligence; Goldman trumps stupidity; and so on. But that is dull. Much more interesting is watching the spreads on Greek bonds. Nice.
Marshall Wace is not being investigated by the FSA.