"Hiding behind opacity, bankers rig the global financial markets for their personal gain. Today, seven large banks paid over $5 billion in fines for rigging the foreign exchange markets. These were the latest fines for bad behavior.
However, just to show these fines will not change their bad behavior, yesterday a survey was release in which 1 in 4 bankers said hiding behind a veil of opacity they would engage in illegal activity if they could make $10 million dollars.
In my book I show a solution for restoring transparency and ending rigged global financial markets."
Richard Field, Transparency Games: How Bankers Rig the World of Finance
Stocks were floundering most of the day, but tried to rally up through overhead resistance again off the Fed minutes which were released a bit early.
Alas, a rally was not meant to be.
Stocks feel a bit heavy here, and vulnerable to exogenous risk shocks of even a relatively mild kind.
Valuations of the big talk momentum nifty stocks are almost incredible.
A few more of the career criminals, aka the Banks, were spanked lightly today for rigging yet another important global financial market.
Let's see what tomorrow brings.
Have a pleasant evening.
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