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Something Big going down tonight...financials

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Comments

  • purch
    purch Posts: 9,865 Forumite
    The Financial Services Authority (FSA) has today fined Morgan Stanley & Co International Plc (Morgan Stanley) £1.4 million for systems and controls failings in relation to trader mis-marking which led the firm to make a $120 million negative adjustment in June 2008

    Again it's nothing particularly new or unusual.

    I remember some guy called James Martinelli (or something) making a huge 'paper' profit of nearly $100m on FX OTC Option trading for his Bank back in the early 1990's, which later turned out to be totally ficticious when it was all unwound.
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • dougs
    dougs Posts: 617 Forumite
    I guess this was all just another unfounded rumour then :rolleyes:
  • ruggedtoast
    ruggedtoast Posts: 9,819 Forumite
    It did take me back to the glory days of CGNAO for a minute.

    Protect yourself!!!

    :D
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Remember gold is a safe haven asset. Its price goes to the moon in financial crises,

    Iy never quite happened did it :confused: although it has doubled.

    http://forums.moneysavingexpert.com/showthread.html?p=155084&highlight=#post155084
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
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