Or possibly being invited to leave?
It is probably nothing, but I could not help but notice that Mr. Greg Smith, who has famously resigned from Goldman Sachs and company, was
"an executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa."
Perhaps in addition to the anger he felt in the spoiled climate of his firm, Mr. Smith was also disgusted that the greed of Goldman had gotten their wings clipped, and gotten them effectively tossed off the continent. There is no more disgruntled employee than one who works hard, and see the foolish decisions of his management needlessly ruin it. I remember talking to traders and brokers in the 1970s who cursed the foolish greed of the higher ups that had driven the public from the markets and left them scratching for a living.
And just the other day, we had the somewhat terse, and very quiet, announcement from the CFTC that the CME was vacating their license to be a clearing broker for derivatives in Europe located in the City of London.
March 13, 2012
CFTC Vacates CME Clearing Europe Limited Registration as a Derivatives Clearing Organization
Washington, DC—At the request of CME Clearing Europe Limited (CMECEL), pursuant to Section 7 of the Commodity Exchange Act, the Commodity Futures Trading Commission issued an Order on March 13, 2012, vacating the registration of CMECEL as a derivatives clearing organization.
Is the European leadership doing something behind the scenes to clamp down on the rampant speculation and fraud in the paper derivatives market that has almost wrecking their economy?
Probably too good to be true.
But I am also thoughtful about the recent moves in Germany and Switzerland to audit and even repatriate their gold from the States where much of it has been kept in trusting custody these many years, fearing that perhaps it has been re-hypothecated.
All a part of the currency war, perhaps. And it is notoriously hard to see what's what when the fog of war descends.
