....lybob Posted October 11, 2011 Share Posted October 11, 2011 Every day, every time a state pension fund traded, the bank would steel approximately three tenths of one percent from every transaction. As an example, every time a pension fund bought a currency what the Bank of New York would do is look back twenty hours and assign all of the state pension funds purchase transactions at the high of the day. Every time a state pension fund tried to sell a currency they would assign them a price at the lows of the day and the bank would pocket the difference. The bank has done this for not years, but for decades, every business day for decades. This bank didn’t learn to steal just ten years ago, they’ve been doing it for many decades. Listen to the interview MP3 here My link Link to comment Share on other sites More sharing options...
DC Tom Posted October 11, 2011 Share Posted October 11, 2011 Every day, every time a state pension fund traded, the bank would steel approximately three tenths of one percent from every transaction. That's a problem that needs to be ironed out, for sure. Link to comment Share on other sites More sharing options...
OCinBuffalo Posted October 11, 2011 Share Posted October 11, 2011 (edited) Listen to the interview MP3 here My link HA! First of all, these people are scumbags, but let's not lamely try to extend this to all of Wall Street shall we? Now back to HA! This one's personal. My last gig working for others: we had a financial analytics framework that would have caught this crap the first week it was deployed. Our premise was that we could catch rogue behavior before it got out of hand, and the client was sued/shut down/it's officers jailed, etc. Part of my job was handling all the pre-sales for the division. I met every serious prospect we had, and then took charge of implementing the larger projects we sold. I was surprised, but every single firm we spoke with were interested in our offering but a small few, as most wanted nothing to do with bad trading, wanted to stop it themselves, and more importantly wanted to have a system they could blame(us) if something went wrong The clients who at least tried to deploy this will remain nameless. That is another story. But, guess who wasn't interested in our system at all? That's right: Bank of New York. They threw us out of there after only 15 minutes of explaining our bundle's full functionality. So...HA! That's what you get for making me get up at 5 am, to take the the train to NYC for an 8 am, 15 minutes of wasted time meeting. HA! Enjoy prison douchebags. Edited October 11, 2011 by OCinBuffalo Link to comment Share on other sites More sharing options...
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