31 May 2013

Institutionalized Fraud

As you know I said yesterday that Fridays are the days on which they smack the metals.

And on Tuesdays they ramp stocks.

And so on, and so on.

No wonder the BRICs are so upset. No wonder the rest of the world is appalled.

This is not price discovery.

This is mere anarchy. This is a broad menu of corruption. This is moral hazard.

This is institutionalized fraud.

Overcome by greed, they have no shame. And their pride knows no bounds.

They do not even bother with pretense any more.

I think we all know how this is going to end.