This submission to the treasury is excellent and should be widely circulated to everyone in the City, Banks and Government.
Thanks for posting this Mr Le Stu - I find myself agreeing with all your posts.
Even the famed Harvard Business School has lost Billions. The full story can be read at the following link:
Harvard’s Bet on Interest Rate Rise Cost $500 Million to Exit - Bloomberg.com
The conclusion (copied below) should be etched in stone outside the Treasury in Whitehall.
Robert Doty, a municipal finance adviser at American Governmental Services in Sacramento, California says, "
Harvard’s loss “says that people don’t understand the complexity of the products they are buying and selling and that doesn’t begin and end with mortgage securities. It shows that with these products that are so highly complex, people are a long way from knowing as much about these products as they think they do.”
Even if you are the Harvard Business School!
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“The music business is a cruel and shallow money trench, a long plastic hallway where thieves and pimps run free, and good men die like dogs. There is also a negative side.”
– Hunter S. Thompson
Graham