MF Global investigators reveal the unsurprising news that they are proceeding very slowly after a quick start in the hunt for criminal charges. Spain’s BME exchange is feeling the squeeze from the arrival of BATS Chi-X Europe. NYSE Euronext, whether it wins the LCH.Clearnet race or not, stands to come out well ahead on the deal. More exchanges release monthly volume statistics, and in the top box you’ll find, among other things, links to FOW Magazine’s 30-Year Anniversary issue.
Observations – Statistics – Commentary
MarketsReformWiki, TV and JLN blog all up and running again
Apologies to everyone who tried and failed to access MarketsReformWiki, MarketsWiki.tv or the John Lothian Newsletter blog on Friday. The server had a hard drive failure early in the day that required the hosting company to repair the machine and clone the data, keeping those sites off the web until Saturday.
As best we can tell, no data was lost due to the failure; all edits and content on all sites appear to be current. MarketsWiki, which runs on its own separate server, was unaffected by the outage.
Obviously, there’s no way to prevent computer components from failing, but we’re not satisfied with the extended offline time. We’ll be looking into ways to greatly shorten the recovery time of the next component failure.
FOW’s 30 Year Anniversary Issue
FOW 30 Year Anniversary: foreword by Sir Brian Williamson
Brutus, whilst not universally admired, surely got it right when, in Shakespeare’s Julius Caesar, he claimed that there was a “tide in the affairs of men, which, taken at the flood, leads on to fame and fortune”. It felt like that in 1980 when a handful of young, able people brought together by the irrepressible John Barkshire got together to work out how to build a financial futures exchange in London.
FOW 30 Year Anniversary: Top 30 most influential
FOW 30 Year Anniversary: 30 years of futures and options
FOW 30 Year Anniversary: 30 years of technology
FOW 30 Year Anniversary: The origins of Liffe
FOW 30 Year Anniversary: The 1987 crash
FOW 30 Year Anniversary: Bye bye bund
FOW 30 Year Anniversary: CME battles for CBOT
FOW 30 Year Anniversary: LCH after Lehmans Brothers collapsed
SEC Investigating Chicago Board Options Exchange On Compliance
By Jacob Bunge Of DOW JONES NEWSWIRES
U.S. regulators are investigating the parent of the Chicago Board Options Exchange, examining the company’s oversight of its markets and traders. CBOE Holdings Inc. (CBOE) officials are cooperating with the investigation and have initiated a separate internal review of compliance with U.S. securities laws, the Chicago firm disclosed in a regulatory filing.
Katherine Murray to leave Pats for Dean
Katherine Murray announced that she left Patsystems on March 2 and will be joining Dean Media Group as director of business development. Her new email will be firstname.lastname@example.org and phone numbers are 1 312 662 5794. Mobile (same): 1 312 576 9520.
***** Good luck Katherine in your new role.
X-clear eyes settlement services
By Philip Stafford – Financial Times
X-clear, the Swiss clearing house, has said it is “actively looking” at acquisitions and is considering setting up a eurozone-based central securities depository (CSD) as new clearing arrangements and regulation reshape services for completing trades in Europe.
Farmer faces planting season with seeds of distrust
By Wayne Drash, CNN
Dean Tofteland promised to take care of the farm while his father was on vacation. “I want you to go ahead and enjoy yourself,” he told him. The small private plane carrying Arnie Tofteland never reached its destination. It ran out of gas on the way to Indianapolis, fell from the sky and struck the backstop of a baseball field before slamming nose first into the pitcher’s mound.
**** Really good story about farmers impacted by MF Global’s bankruptcy.
Geir Haarde, Iceland’s Ex-PM, The First World Leader To Face Criminal Charges Over Financial Crisis
By ANNA ANDERSEN – AP
Iceland’s former prime minister went on trial Monday as the first world leader to face criminal charges over the 2008 financial crisis that affected much of the world economy.
Psychology Books: 5 Ways to Spot The Psychopath In Your Life
By Daniel Lefferts for Bookish
One out of every 10 Wall Street employees is a clinical psychopath, the CFA Institute (an investment and financial analysis organization) reports in the latest issue of CFA Magazine. That makes psychopathy 10 times more prevalent among New York’s financial elite than among us plebeians, for which the accepted statistic is a more palatable one in 100.
Whisky Outperforms Gold – Annual Returns of Over 400%
Larry Olmstead – Forbes
Lots of people have been griping about investment opportunities and low rates of return the past few years. Maybe they should have bought more whisky.
Disruptions: No More Innovation for the Fun of It
By NICK BILTON – NY Times
I wouldn’t describe the car industry as fun. The airline industry isn’t fun either. Phone companies are far from fun. Yet these industries all started out fun. They began with tinkerers and innovators, just like, say, the Internet today.
SunGard After Party at FIA Boca 2012
It’s Carnival time! Join us for SunGard‘s Brazilian Carnival reception! Enjoy a caipirinha, Rio de Janeiro’s favorite cocktail, and nibble on Brazilian-inspired goodies at this after-hours event. Unwind after a full day of conference sessions while enjoying the sounds of samba music under the evening stars.
Tuesday, March 13, 2012
9:00pm – 11:00pm
**Open to all attendees
MarketsWiki Page of the Day
MarketsWiki Recent Updates
20,197,027 pages viewed, 6,732 articles, 137,641 edits
MF Global Criminal Investigation Said to Slow After Quick Start
By Patricia Hurtado – Bloomberg
U.S. investigators of bankrupt MF Global Holdings Ltd. have yet to determine after four months of probing whether enough evidence exists to pursue a criminal case, a person with knowledge of the matter said.
BME faces threat to Spain dominance
By Philip Stafford in London – Financial Times
Bolsas y Mercados Españoles is facing a threat to its near-monopoly of Spanish equities trading after losing market share to BATS Chi-X Europe, Europe’s largest share trading venue.
NYSE will gain whatever LCH.Clearnet outcome
By Luke Jeffs – Reuters
Transatlantic stock exchange NYSE Euronext stands to gain whether or not its rival the London Stock Exchange snatches up hotly contested clearing house LCH.Clearnet – given that NYSE is LCH’s biggest shareholder.
Moody’s cuts Greece to C from Ca
Moody’s Investors Service on Friday said it had cut Greece’s local and foreign-currency bond ratings to C from Ca, bringing the country to its lowest possible level.
[Video] Cailloux Says Greek Debt Swap Needs Full Participation
March 5 (Bloomberg) — Jacques Cailloux, chief European economist at Royal Bank of Scotland Group Plc, talks about Greece’s debt swap deal and fiscal consolidation in the euro area. He speaks with Owen Thomas and Linzie Janis on Bloomberg Television’s “Countdown.”
The Bundesbank has no right at all to be baffled
By Wolfgang Münchau – Financial Times
One of the more intriguing recent developments of the eurozone crisis is the shock expressed by Germany’s economic establishment that the eurozone is, in fact, a monetary union. No one had apparently told them.
ECB liquidity is not a free lunch
by Gavyn Davies – Financial Times
The initials LTRO, barely ever discussed prior to last December, now form the most revered acronym in the financial markets. Before the first of the ECB’s two Longer Term Refinancing Operations in December, global equity markets lived in fear of widespread bankruptcies in the eurozone financial sector. Since LTRO I was completed on December 21, equities have not only become far less volatile, but have also risen by 11 per cent.
12,000-plus MF Global customer claims deemed valid
The trustee for MF Global’s fallen brokerage said he is nearly halfway through the process of determining the validity of more than 25,000 claims from commodities customers burned by MF Global’s collapse.
Lenders Stress Over Test Results
BY DAN FITZPATRICK AND VICTORIA MCGRANE – WSJ
Some very large banks are clashing with the Federal Reserve over how much detail the central bank will reveal about them when it releases the results of its latest stress test.
Environmental Trading News
NASDAQ OMX Commodities Set Another Monthly Record For Carbon Futures In February
Trading and clearing of carbon futures amounted to 13,022 contracts (13,022,000 tons) in February 2012. This is the highest monthly volume ever traded and cleared on NASDAQ OMX Commodities Europe’s carbon futures market in the course of one month.
More pressure as carbon project goes up a gear
The Carbon Disclosure Project has been going for 10 years and is pleased with its progress so far. This year it has more than 650 signatories representing $78tn in assets, while more than 80 per cent of the world’s biggest companies report their carbon emissions, largely thanks to the CDP’s efforts. The information does not just sit there either. CDP founder and executive chairman Paul Dickinson says CDP data is downloaded via Bloomberg at a rate of a million times every six weeks.
**JK – CDP doing great work a decade into it.
IMO set to collide with EU over vessel CO2 emissions
The International Maritime Organization (IMO) is making little headway on market-based measures to curb carbon dioxide emissions from international shipping, putting it on a policy collision course with the European Union, observers said.
**JK – Shipping and aviation need to do more than complain, IMO.
For more environmental trading news, subscribe to the Environmental Markets version of the John Lothian Newsletter edited by Jim Kharouf.
Visit http://www.jlnenvironmental.com to subscribe.
Exchange & ECN News
LME Suitors To Submit Binding Offers By May 7 – Sources
By Andrea Hotter Of DOW JONES NEWSWIRES
Binding offers to acquire the London Metal Exchange are due May 7, with between four and five suitors currently competing to own the world’s largest metals trading exchange, people with knowledge of the sale process told Dow Jones Newswires Friday.
Russian exchange enjoys FX boom
Tom Osborn – Financial Times
Micex-RTS, Russia’s newly merged stock and derivatives exchange operator, has enjoyed a jump in liquidity since pooling its competing dollar/rouble currency contracts, as Russian banks provide investors exposure to its oil-driven currency.
CME Group Volume Averaged 12.8 Million Contracts per Day in February 2012, up 10 Percent from January 2012
PR Newswire via Yahoo! Finance
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that February 2012 volume averaged 12.8 million contracts per day, down 13 percent from February 2011 – which posted exceptionally strong average daily volume due to the impact of significant unrest in the Middle East throughout the month – but up 10 percent from January 2012. Total volume for February was 255 million contracts, of which 83 percent was traded electronically.
ICE Reports February Futures Volume; $28 Trillion Cleared in CDS
IntercontinentalExchange, a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, reported volume across its futures exchanges in February 2012. ICE’s total futures volume in February 2012 rose 1% from February 2011 to 33.4 million contracts. Average daily volume (ADV) for ICE’s futures markets was 1,667,905 contracts, down 4% from the prior February and up 12% from January 2012.
February Is Second Most-Active Trading Month In CBOE Futures Exchange History
Volume Increased 70% Over 2011, Two New Contracts Launched During Month: CBOE Brazil ETF Volatility Index And A Radar Logic Real Estate Index
CBOE Holdings Reports February 2012 Trading Volume
CBOE And C2 Volumes Increase 12% And 20%, Respectively, From January – CFE And VIX Futures Post Second-Busiest Month In History
BOX Price Improvement Activity Increases in February
In the month of February, price improved contracts on BOX Options Exchange (“BOX”) averaged 345,744 per day, which represented a 5% increase over the same period last year.
BATS Global Markets Reports February Volumes
BATS Global Markets (BATS), a global operator of stock and options markets, today reported it was the largest European equities market operator by overall value traded again in February and achieved record Spanish market share for the month with 5.1% of the value traded in Madrid’s IBEX 35 index.
TMX Group – Consolidated Trading Statistics February 2012 – Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Montreal Exchange, Natural Gas Exchange
February turnover exceeds EUR 9.2 billion at Boerse Stuttgart
Irish Stock Exchange Statistics February 2012
TOM MTF Statistics Week 9 2012
IntercontinentalExchange Sets Date of May 2 for First Quarter 2012 Earnings Release
BM&FBOVESPA Launches Fortnightly IT Newsletter
[CBOE] Systems Issue with Market-Maker Wash Trade Prevention Orders
[CBOE] Trader E-News
The Expert Indices Committee
ANNUAL REVIEW PSI 20 INDEX COMPOSITION
DEFINITIVE SELECTION AEX, AMX AND AScX
Yelp Celebrates Initial Public Offering and First Day of Trading on the New York Stock Exchange
NZX Shareholder Metrics February 2012
TSX Block List Leaders – February 2012
Banks, Brokers & Dark Pools
Citigroup Chairman Richard Parsons Will Step Down
Citigroup announced today that its chairman Richard Parsons is stepping down. Parsons, who was on the Board since 1996, was named chairman of the nation’s third largest bank in January 2009 just months after the financial crisis unfolded.
Banks wrestle with recovery plans
By Brooke Masters – Financial Times
Since the 2008 collapse of Lehman Brothers triggered taxpayer rescues of half a dozen other large financial institutions, the problem of “too big to fail banks” has been issue number one on the global financial reform agenda.
Instinet Adds Consolidated EBBO Functionality to BlockMatch
Instinet Incorporated, a global leader in electronic trading and agency-only brokerage services, today announced that its Instinet Europe Limited subsidiary has completed the transition to three new matching points—EBBO Bid, EBBO Mid and EBBO Offer—for its BlockMatch dark MTF.
Goldman CEO Blankfein deposed in insider case
Reuters via Yahoo! News
Goldman Sachs Chief Executive Lloyd Blankfein was interviewed under oath last week as a witness in the insider-trading case of Rajat Gupta, a former Goldman director and onetime global head of McKinsey & Co, according to court documents filed on Friday.
Exclusive: JPMorgan to sell metals concentrates business
Reuters via Yahoo! Finance
JPMorgan Chase & Co. is looking to sell its metal concentrates business due to U.S. regulatory restrictions following its acquisition of RBS Sempra Commodities, and currently faces a deadline of mid-year, industry sources told Reuters.
Deutsche Bank shuffles top Americas M&A heads
Reuters via Yahoo! News
Deutsche Bank has shuffled some of its senior U.S. investment bankers, appointing Jim Ratigan as co-head of Americas M&A, an internal memo obtained by Reuters showed. Ratigan takes over from Bruce Evans, who will become chairman of Americas M&A.
Exclusive: JPMorgan trumped competitors in commodities last year
Reuters via Yahoo! Finance
Blythe Masters, JPMorgan’s global head of commodities, has steered the bank’s expanded franchise to record revenues exceeding $2.8 billion in 2011, more than long-time industry leaders Goldman Sachs and Morgan Stanley, the three banks’ data showed this week.
Nomura Holdings vows to stay course despite lingering Lehman Brothers hangover
At 8 a.m. on Jan. 10, Takumi Shibata, chief operating officer of Nomura Holdings , walked into the firm’s London boardroom overlooking the Thames to try to salvage the 2008 acquisition of the European and Asian units of bankrupt Lehman Brothers.
Commerzbank to Raise Capital by $1 Billion in Hybrid Debt for Stock Swap
Commerzbank AG (CBK) , Germany’s second- biggest bank, will boost core Tier 1 capital by 776 million euros ($1.02 billion) in the first half after swapping hybrid capital instruments for new shares.
The SEC News Digest
The SEC News Digest provides daily information on recent Commission actions, including enforcement proceedings, rule filings, policy statements, and upcoming Commission meetings.
CFTC chief pushes for position limits
WASHINGTON (MarketWatch) – The top commodities regulator, Gary Gensler, on Friday said that he supports bringing limits on trading in the commodities market in place as Congress intended, a regulation that seeks to curb excessive speculation and potential manipulation in oil and other energy markets.
Lsoc should not be introduced for futures, CFTC hears
Peter Madigan – Risk Magazine
New US customer collateral segregation rules set to take effect in over-the-counter derivatives markets on November 8 should not be extended into the futures world, industry participants claimed at a Commodity Futures Trading Commission (CFTC) round-table discussion in Washington, DC on February 29 – with some arguing the new approach should not be adopted in OTC markets either.
Broker-Dealer Lawyer Who Spotted Fraud Rewarded With Five-Year SEC Ordeal
When Theodore Urban, general counsel at Ferris, Baker Watts Inc., spotted and questioned a broker’s suspicious trading patterns in 2007, he triggered a five-year probe by U.S. regulators who said he failed as a supervisor.
Judge Orders Brookstreet CEO to Pay $10 Million Penalty in SEC Case
Washington, D.C., March 2, 2012 — The Securities and Exchange Commission today announced that a federal judge has ordered the former CEO of Brookstreet Securities Corp. to pay a maximum $10 million penalty in a securities fraud case related to the financial crisis.
NFA sanctions Florida firm FX Currency Traders and its principal, Jacob N. Martinez
National Futures Association (NFA) has ordered FX Currency Traders, Inc., a former forex firm and introducing broker (IB) located in Lake Mary, Florida, not to reapply for NFA membership or act as a principal of an NFA Member. In addition, NFA has ordered the firm’s principal and sole owner, Jacob N. Martinez (Martinez), not to reapply for NFA membership for a period of three years and to pay a $150,000 fine to NFA in the event he reapplies for NFA membership after the three-year period expires.
Remarks On Dodd-Frank Financial Reform At George Washington University Law School, CFTC Chairman Gary Gensler
SIFMA Executive Vice President Randy Snook Remarks As Prepared For SIFMA 2012 Insurance- And Risk Linked Securities Conference
SIFMA Senior Managing Director And General Counsel Ira Hammerman Remarks As Prepared for SIFMA Anti-Money Laundering Conference
Marshall Gandy Named Head Of Examinations Program In SEC’s Fort Worth Regional Office
Irish Stock Exchange Warns Investors About Share Scam
[ASIC] Clock is ticking on credit card debt
General Regulation of the AMF – Book III – Service providers (Last amended on 20 December 2011)
General Regulation of the AMF – Book IV – Collective investment products (Last amended on 3 October 2011)
General Regulation of the AMF – Integral version and table of contents (2,4 MB)
Investments – Indexes – Managed Futures – Managed Funds
ISDA Decision Partly Hinged On Lack Of Explicit Subordination
By Katy Burne Of DOW JONES NEWSWIRES
When a committee of derivatives experts said Thursday that Greece’s restructuring hadn’t yet triggered payouts on insurance-like contracts protecting the sovereign’s bonds against losses, part of its decision turned on a rigidly legalistic definition of when “subordination” occurs.
JPMorgan star trader set to start hedge fund: report
A team of top proprietary traders at JPMorgan Chase & Co is set to launch what is likely to be one of the largest hedge fund start-ups in 2012, the Financial Times reported on Sunday.
A Contrarian View on Fear
Some Investors Say Surge in VIX Futures Volumes Driven by Bigger Risk Appetites
By CHRIS DIETERICH – WSJ
Factbox: Fed opens door to physical commodity trade
The Federal Reserve issued about a dozen permits for U.S. and foreign commercial banks or financial holding companies to trade physical commodities from 2003 to 2008, granting greater license to enter the lucrative market.
Why buy and hold doesn’t work anymore
You know that investing can be tough. Andrew Lo says it’s even tougher than you think. Lo, an economist and finance professor at M.I.T.’s Sloan School of Management, challenges a core idea of financial theory: that markets are “efficient,” meaning there’s no point in trying to time your moves in and out of stocks, since everything you could know about them is already baked into the price.
Futures Magazine Names Its 2011 Top Traders and Points to the Common Characteristics of Top Performing Managers
Futures Magazine, a Summit Business Media publication, named the Top Traders of 2011 in its March issue. Each year Futures profiles a handful of commodity trading advisors who outperformed their peers.
February 2012 Commodities Commentary: Dow Jones-UBS Commodity Indexes Up On Indications Of Global Economic Improvement – By Christine Marie Nielsen
Dow Jones-UBS Commodity Indexes February 2012 Performance Report
Issuers Of The MICEX-RTS Innovation And Investment Market Platform UTINET.RU And Nauka-Svyaz To Be Added To The MICEX Innovation Index
The Spanish Midcaps Meet Thirty Institutional Investors In New York
Northern Trust named Best European ETF Administrator
Northern Trust (Nasdaq: NTRS) announced today that it has been named Best European ETF Administrator at the ETFexpress Global Awards, 2012. The awards, presented yesterday in London, were based on more than 2000 ETF Express readers’ nominations who voted for the companies they believed to be “best in class”.
ETF Securities Launches Sterling-Hedged Commodities Solution For UK Investors – 14 New Exchange-Traded Commodities Listed On The London Stock Exchange
Exegy Strengthens Its Senior Management Team
Finding Your Book Interrupted … By the Tablet You Read It On
By JULIE BOSMAN and MATT RICHTEL – NY Times
Can you concentrate on Flaubert when Facebook is only a swipe away, or give your true devotion to Mr. Darcy while Twitter beckons? People who read e-books on tablets like the iPad are realizing that while a book in print or on a black-and-white Kindle is straightforward and immersive, a tablet offers a menu of distractions that can fragment the reading experience, or stop it in its tracks.
Briefing.com Economic Calendar
CBOE Events Calendar
Economic Release Calendar
The Economic Release Calendar (PDF) is a schedule of government, academic and industry economic releases, provided as a service to CME customers.
Hong Kong bourse lengthens trading hours
Hong Kong’s stock market will be open for an extra half hour, effective Monday, extending daily trade to 5.5 hours in two continuous sessions separated by a 60-minute lunch break.
HKEx And Shanghai Futures Exchange Sign MOU
Hong Kong Exchanges and Clearing Limited (HKEx) and Shanghai Futures Exchange (SHFE) have signed a Memorandum of Understanding (MOU) on cooperation and the exchange of information.
SGX market activities continue to grow in February
Singapore Exchange (SGX), the world’s biggest offshore market for Asian equity futures, posted growth in derivatives volume in February. Activity in the securities and commodity market also grew in February from January and versus a year earlier.
Beijing’s lessons for central banks
By Stephen S. Roach – Financial Times
Contrary to widespread concerns over an imminent hard landing, China will defy the naysayers. It is actually doing a far better job in managing its economy than most give it credit for. It even offers some lessons in macro policy strategy that the rest of the world should heed carefully.
Thai Bourse Holds Campaign To Promote SET-Listed ETFs
The Stock Exchange of Thailand (SET) gears up its 2012 strategy to boost investment in exchange-traded funds (ETFs) and stimulate new ETF launches by holding the campaign “ETFs give chances to win a THB 10,000 gift voucher every week,” aiming to increase ETF purchases and boost assets under management to THB 7.5 billion (approx. USD 244.3 million) this year.
Asia 2011 Hedge Fund Stars: Ortus Cap. And Dymon Asia
Rising Asian hedge fund stars Danny Yong and Dr. Joe Zhou, of Dymon Asia and Ortus Capital, had a solid year betting on macro trends
Saijrakh to Focus on Khan Investment Management
Narantuguldur Saijrakh recently resigned from his role as General Manager of Asia Pacific Securities, the brokerage and dealing arm of Asia Pacific Investment Partners, to focus on his role as Director of Khan Investment Management, investment advisor to the Khan Mongolia Equity Fund
Istanbul Stock Exchange: Trading Glitch – IMKB First Stock Trading Session
Libyan stock exchange says to re-open on March 15
Libya’s stock exchange is to re-open on March 15, just over a year after the country’s conflict forced it to close down, the head of the bourse said on Sunday.
Dubai Mercantile Exchange Continues Record Breaking 2012 With New Trading Highs
The Dubai Mercantile Exchange (DME), the leading energy futures exchange in the Middle East, today continued its historic start to 2012 with the announcement of three new trading records:
Into Africa with ETFs
ETF Trends via Yahoo! Finance
There are a handful of exchange traded funds that invest in Africa to explore opportunities in this frontier market if investors aren’t afraid of risk and volatility.
Dow Jones Islamic Market Titans 100 Index Closed Up 4.16% In February
DIFC Showcases Special Purpose Companies Opportunity At Knowledge Series Event
Rashed Al Baloushi Appointed CEO Of Abu Dhabi Securities Exchange
Dubai Gold & Commodities Exchange Weekly Market Commentary – March 4, 2012
Saudi Stock Exchange (Tadawul) Statstical Report – February 2012
MCX Weekly Market Report February 24, 2012 – March 01, 2012
[Video] Futures’ 40th birthday: What has been the biggest change over the last 40 years?
To celebrate 40 years of covering commodities, stocks, options and forex, Futures asked industry veterans, “What has been the biggest change over the last 40 years?”
Dodd-Frank Debate Continues
Clarke Camper – Inside the Beltway
A recent Economist editorial critical of Dodd-Frank has drawn a heated response from the Act’s co-authors, as well as other Washington policymakers.
The Story Of The First-Ever Options Trade In Recorded History
File this under: Things we never knew. In financial markets, the term “derivatives” is used to refer to a group of instruments that derive their value from some underlying commodity or market.
Capital Gains, Ordinary Income and Shades of Gray
By N. GREGORY MANKIW – NY Times
WHAT is carried interest? And why does it get the tax treatment it does? These arcane questions are usually reserved for the green-eyeshade crowd. And for good reason: they can be so bewildering that they seem to be taken from an I.Q. test written just for accountants.
Justice Can Still Be Done in Bear Stearns Case: William D. Cohan
One of the most glaring travesties of the financial crisis has been the failure of the U.S. justice system to establish the truth and punish the responsible. In at least one case, it’s not too late to do the right thing.