Breaking News

CFTC Charges Monex With $290 Million Precious-Metals Fraud; Stanley Fischer has unexpectedly resigned

First Read

Hits & Takes
By JLN Staff

Rostin Behnam has been sworn in as a CFTC Commissioner.~JJL

Julie Menacho Armstrong is the featured speaker today from our MarketsWiki Education World of Opportunity series in Chicago from July.~JJL

Sept.13, 5:30 p.m. – 8:30 p.m. in Chicago, CFX Markets is hosting – From Financial Advisor to Modern Day Hero – a thought-provoking panel discussion on alternative investing and technology’s evolving role in elevating the financial advisor-client relationship.~JK

First, Harvey and energy — now, Irma and OJ. The Florida orange industry employs 45k people and contributes $8.6m to state coffers. Hopefully, the storm won’t be as bad as it appears. ICE’s November FCOJ futures, after a big spike the last few trading days, actually levelled off yesterday. ~SD

You might have heard of Kensho, the data/analytics/machine intelligence firm backed by an array of companies from Goldman Sachs to Google Ventures with a $650m valuation, but did you know Kensho is a Japanese term for “seeing” nature? It’s a Zen insight thing.~SD

LME is holding Buy-side Breakfast in London on September 21 focusing on “Protecting Alpha or Seeking Beta — New Investment Opportunities,”~JJL

Also on September 21, but in New York, Rosenblatt Securities is hosting its 9th annual Financial Technologies Summit.~JJL

The problem that sunk the Aurora project electronic trading platform for the CBOT back in the late 1980s was the speed of the network, 19.2 kilobytes per second. See our page on Aurora on MarketsWiki.~JJL

Gary Flagler thanked me on Facebook for my tweet about MexDer’s new alternative order routing. He thanked me in English and Spanish, but skipped High Valyrian. ~JJL


Barchart Announces University Exchange – A FinTech Hackathon Event for Students
Today, Barchart, a leading provider of financial market data and technology has announced University Exchange (, a full-day Hackathon event. The inaugural event is open to graduate and undergraduate students at Illinois Institute of Technology. The event takes place on October 27 at FinTank and will feature teams of 3-4 students who will be challenged to develop an automated news publishing solution using Barchart’s financial content and Barchart OnDemand APIs.

**Tapping into the talented youth pool to solve real business challenges.~JK


The World Federation Of Exchanges Elects Eight Board Directors
At the 57th General Assembly in Bangkok today, the World Federation of Exchanges (“The WFE”), which represents more than 200 market infrastructure providers including exchanges and CCPs, elected eight Directors of the Board.

**WFE again looks to Asia, electing Wu Qing, chairman of the Shanghai Stock Exchange, as the new chairman of WFE.~JK


It’s All About the Reach – Julie Armstrong Menacho

“You don’t have to [meet] every credential and be an ‘A’ on all of it to get to that next role. You just have to believe you can do it, and you need to make others believe you can do it.”

In this video from MarketsWiki Education’s World of Opportunity event in Chicago, Julie Armstrong Menacho, global head of market tech services at CME Group, talks about her winding path from the University of Kentucky to the CME and the lessons she learned along the way. Menacho started with an internship at oil giant Valvoline, went on to work for a large airplane manufacturer, then moved to account management and customer service. Early on she was told her reputation would be her best friend and that she should always reach. By reach, Menacho means being willing to jump at any opportunity even if you aren’t quite ready. When Menacho started at CME Group’s data center business, she was upfront about not having experience with data centers or futures trading, but she did have the necessary toolbox of skills to care for customers and drive revenue. In other words, she reached.

Watch the video »


US opioid crisis holds back jobs market recovery, says study; Rise in prescriptions of painkillers linked to fall in labour force participation
Sam Fleming in Washington and Lauren Leatherby in New York – FT
Surging use of opioids in the US is impeding the jobs market recovery, according to new research that links increased use of painkillers with declines in the share of men participating in the labour force.

**A prescription for meditation may be the better, safer and more effective treatment.~JK


49ers’ Kyle Shanahan thinks mind truly matters
To unclutter his mind and reduce stress, Kyle Shanahan practices yoga and meditation.

**Russ Rausch‘s team showing a winning approach to another team.~JK


Wednesday’s Top Three
Our top read story yesterday was about Phillip Gearing’s career change in efinancial’s Why Lehman’s collapse was the best thing to happen to me. Second was about Nasdaq’s newest improvements on its surveillance technology Nasdaq Launches New Machine Learning Technology for Surveillance Efforts on Nordic Markets. Third was about baseball and Apple watches in the New York Times’ story Boston Red Sox Used Apple Watches to Steal Signs Against Yankees


MarketsWiki Stats
107,202,686 pages viewed; 22,739 pages; 208,886 edits
MarketsWiki Statistics


Lead Stories

CFTC Charges Monex With $290 Million Precious-Metals Fraud; One of the largest precious-metals fraud cases in history, regulator says
By Gabriel T. Rubin and Ira Iosebashvili – WSJ
The Commodity Futures Trading Commission charged Monex with defrauding more than 3,000 customers of $290 million in one of the largest precious-metals fraud cases ever.

Stanley Fischer, vice chairman of the US Federal Reserve, has unexpectedly resigned
Eshe Nelson, John Detrixhe and Preeti Varathan – Quartz
Donald Trump has waffled about whether he will renew the term of the current US Federal Reserve chair, Janet Yellen, when her term expires in February next year. Now, the president won’t need to wait that long to shake up the top one of the world’s most influential economic institutions: vice chairman Stanley Fischer just handed in his resignation.

FIA: Relocation not necessary for enhanced central counterparty oversight
FIA submitted comments to the European Commission (EC) today regarding Part 2 of the EMIR Review Proposal. The comments address the regulation and oversight of central counterparties and the EC’s proposals to enhance supervision of these entities.

LME to upgrade electronic trading system after complaints
Peter Hobson
The London Metal Exchange (LME) is set to upgrade and strengthen its electronic trading system after falling volumes and user complaints about outages and poor functionality.

Madoff trustee recoups $687 million in biggest settlement since 2011
Jonathan Stempel – Reuters
The trustee recovering money for Bernard Madoff’s victims on Wednesday announced his biggest settlement in six years, recouping $687 million from an Irish fund that began sending client money to the imprisoned Ponzi schemer in the 1990s.

Frac Sand: Raw Material or Fungible Commodity?
Julie Lerner, PanXchange – Petroleum Connection
Since its first pilot launch in world market sugar, the PanXchange team has researched many different commodity markets, seeking to apply its aggregated market solution to those with the most inefficiencies, fragmentation and opacity. Staffed by a team of seasoned commodity traders, they understand the complexities of the sand market. There are varying qualities, multiple production and wellhead locations and insane logistical challenges. These challenges are not unique to sand.

****SD: In case you missed it, Julie Lerner spoke at our MarketsWiki Education series in Chicago. Check out the video – Global Trading Markets, Disruptive Tech and Entrepreneurship

The World Federation Of Exchanges Launches Joint Report Into Role Of Exchanges In Fostering Economic Development
The World Federation of Exchanges today published a report examining the role of stock exchanges in promoting economic growth and sustainable development, with the United Nations Conference on Trade and Development (“UNCTAD”).

LCH SwapAgent completes first trades
Citi and Deutsche Bank execute first trades via LCH SwapAgent; Service is latest innovation from LCH, introducing new efficiencies for the non-cleared derivatives market; Designed to standardise and streamline OTC market infrastructure; Plans to expand offering to include cross-currency swaps in Q4 2017; 14 dealers have confirmed support for the service
LCH SwapAgent, a service for the non-cleared derivatives market, announced today that it has processed its first trades. Citi and Deutsche Bank were the counterparties to the Swiss Franc-denominated interest rate swap and Euro-denominated inflation swap. The trades were processed through MarkitSERV.

How 1,000 Corporate-Bond Buys Upended Europe’s Debt Market
Simon Ballard, Paul Cohen and Cecile Gutscher – Bloomberg
Purchase program helps backstop Europe prices during selloffs; Diminished returns have investors hunting yield in Ivory Coast
Mario Draghi’s patronage of corporate bonds has been a boon for issuers — but put investors in the path of an 800-pound gorilla.

Fund Managers Mostly Taking the Hit on MiFID Research Costs
By Lukanyo Mnyanda
Asset managers are slowly showing their hand on whether they’ll absorb the costs of research after new European regulations come into force in January. So far, most of them are taking the hit rather than passing them onto clients.

Fed Policies Aren’t Distorting Asset Prices; The notion that higher interest rates were “normal” while current ones are “unnaturally” low is false.
By Tim Duy – Bloomberg
The Federal Reserve’s low interest rate policy and quantitative easing have distorted financial markets. At least, that appears to be the conventional wisdom on Wall Street, eagerly embraced at the very top of the industry to serve as the basis for investing decisions.

The likely replacement for Libor may be just as prone to abuse
Leila Gaafar – City AM
Following the investigations into alleged manipulation of the London Interbank Offered Rate (Libor), in July the head of the Financial Conduct Authority (FCA), Andrew Bailey, announced plans to abandon this “unsustainable” benchmark, and transition to an alternative rate.

Metamako selects Avelacom for FPGA connectivity
Global connectivity provider Avelacom announced today that it is now using Metamako, the leading specialist provider of FPGA-enabled, high-performance networking devices, to significantly accelerate its network processing power and keep latency to an absolute minimum.

Exchanges, OTC and Clearing

CBOE Holdings Volume Report August 2017
CBOE Holdings, Inc. today reported August monthly trading volume and average revenue per contract (RPC)/net revenue capture data at

ERIS EXCHANGE RECEIVES U.S. PATENT FOR SWAP FUTURES PRODUCT DESIGN;n Patent Award Secures Eris’ Competitive Position as the Leading Alternative to OTC Swaps
Eris Exchange
Eris Exchange (Eris), a U.S.-based futures exchange group that offers swap futures as a capital-efficient alternative to traditional over-the-counter (OTC) interest rate swaps, today announced that it has been awarded a patent on the principal component of its product
design, the Eris Methodology, by the U.S. Patent and Trademark Office. The patented invention
enables a cash-settled futures product to replicate the convexity of an OTC swap by ncorporating interest on collateral within daily variation margin payments.

Intercontinental Exchange Reports August Statistics: ICE ADV up 12% y/y Driven by Energy ADV up 17% y/y and Interest Rates ADV up 14% y/y; Open Interest up 13% y/y
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today reported August 2017 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at in the Monthly Statistics Tracking spreadsheet.

Miami International Holdings, Inc. Reports August 2017 Trading Activity for MIAX Options and MIAX PEARL
Miami International Holdings, Inc. today reported the August 2017 trading activity for its two fully electronic options exchanges – MIAX Options and MIAX PEARL (together, the MIAX Exchange Group). The MIAX Exchange Group collectively executed over 22.6 million contracts in August 2017 for a combined average daily volume (ADV) of 982,808 contracts, representing a total U.S. equity options market share of 6.87%.

LCH plans G10 NDFs, options in phases this year
Global Investor Group
Clearing house LCH has pledged to significantly expand its coverage of foreign exchange products, promising non-deliverable forwards and options on the world’s top currency pairs in two phases before the end of the year.

TMX Group – Consolidated Market Statistics January 2010
MX Group Limited today announced August 2017 trading statistics for its marketplaces – Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), Montréal Exchange (MX) and NGX.

SGX reports market statistics for August 2017
Securities – Total Securities market turnover value was S$25.9 billion, up 2% month-on-month (m-o-m) and up 26% year-on-year (y-o-y),
Derivatives -Total Derivatives volume was 15.9 million, up 12% month-on-month (m-o-m) and up 15% year-on-year (y-o-y).

TMX Group Consolidated Trading Statistics – August 2017
TMX Group Limited today announced August 2017 trading statistics for its marketplaces – Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), Montréal Exchange (MX) and NGX.

Deutsche Börse welcomes Franklin Templeton as a new ETF issuer on Xetra; Platform Franklin LibertySharesTM provides investors access to Smart Beta ETFs
Deutsche Börse
Four Exchange Traded Funds issued by the issuer Franklin Templeton have been tradable on Xetra and Börse Frankfurt since Thursday. With the new ETFs, European investors are given the opportunity to participate in the performance of Franklin LibertyQ indices for the first time.

LSE’s MillenniumIT chief joins Torstone Technology as COO; Mack Gill departed MillenniumIT in April this year after four years with the firm.
By Hayley McDowell – The Trade
Torstone Technology has expanded its senior leadership team with the addition of MillenniumIT’s former chief executive officer.

LCH SwapAgent clears first trades from Citi and Deutsche Bank; LCH SwapAgent now has 14 dealers using its platform including Barclays, Citi, Credit Suisse, Goldman Sachs, Morgan Stanley and JP Morgan.
By Hayley McDowell – The Trade
Citi and Deutsche Bank have become the first counterparties to execute trades via LCH’s SwapAgent service.

London Stock Exchange Group welcomes President of Madagascar to open trading
London Stock Exchange Group (LSEG) today welcomes the President of Madagascar, Hery Martial Rajaonarimampianina Rakotoarimanana, to open London trading and discuss exploring collaboration opportunities between LSEG and Madagascar across the capital markets business chain.


LiquidMetrix adds director of trading and analytics; TCA and market structure analysis expert Chris Sparrow joins LiquidMetrix from TMX Group.
By Hayley McDowell – The Trade
Transaction cost analysis specialist LiquidMetrix has hired a new director of trading and analytics to develop its trading and best execution analysis services.

Central banks are waking up to the threat of cryptocurrencies; There is growing anxiety about disruption to the payments system
Huw van Steenis – FT
Few issues in central banking are more likely to provoke anxiety than the fear of losing control of one’s currency. The past few days have provided another perfect illustration of this point. On Monday the Chinese central bank banned initial coin offerings of bitcoin-type currencies, leading to a fall in the value of some cryptocurrencies of as much as 20 per cent.


Stanley Fischer submits resignation as a member of the Board of Governors, effective on or around October
U.S. Federal Reserve
Stanley Fischer submitted his resignation Wednesday as Vice Chairman and as a member of the Board of Governors of the Federal Reserve System, effective on or around October 13, 2017. He has been a member of the Board since May 28, 2014.

President Trump Unlikely to Nominate Gary Cohn to Become Fed Chairman; Cohn’s chances dropped after he criticized Trump’s response to the Charlottesville protests, according to people familiar with the president’s thinking
By Michael C. Bender, Harriet Torry and Nick Timiraos – WSJ
President Donald Trump is unlikely to nominate Gary Cohn, his top economic adviser, as the next Federal Reserve chairman, according to people familiar with the president’s thinking, adding to the uncertainty over the U.S. central bank’s leadership and policies next year.

Markets Don’t Care Who the President Is; To make money, you have to understand what’s priced in and what the underlying expectations are.
By Ben Carlson
A few weeks before the U.S. presidential election, two economists set out to quantify the impact the winner would have on the stock market. Justin Wolfers and Eric Zitzewitz looked at the market’s reaction to the presidential debates to determine what would happen if Donald Trump were to beat Hillary Clinton.


AxiomSL Boosts European Presence As Regulatory Deadlines Loom
AxiomSL, the leading global provider of regulatory reporting and risk management solutions, today announced that it has opened new offices in Paris, Madrid and Frankfurt to further strengthen support for its French, Spanish and German client bases.

Rostin Behnam Sworn In as a Commissioner of the CFTC
Rostin Behnam was officially sworn in today to serve as a Commissioner of the U.S. Commodity Futures Trading Commission (CFTC), the federal agency that oversees the commodity futures, options and swaps industry. He was unanimously confirmed by the U.S. Senate on August 3. His term expires in June 2021.

CFTC Charges Monex Deposit Company, its Affiliates, and their Principals in Multi-Million Dollar Fraudulent Precious Metals Scheme
The U.S. Commodity Futures Trading Commission (CFTC) announced that on September 6, 2017, it filed a civil injunctive enforcement action in the U.S. District Court for the Northern District of Illinois against three affiliated companies located in Newport Beach, California, Monex Deposit Company, Monex Credit Company, and Newport Services Corporation (collectively, Monex), and Monex’s principals Louis Carabini and Michael Carabini. The CFTC Complaint charges the Defendants, among other claims, with defrauding thousands of retail customers nationwide out of hundreds of millions of dollars, while executing thousands of illegal, off-exchange leveraged commodity transactions.

SEC Announces Agenda for September 13 Meeting of the Advisory Committee on Small and Emerging Companies
The Securities and Exchange Commission today announced the agenda for the next meeting of its Advisory Committee on Small and Emerging Companies. The committee will discuss the Sarbanes-Oxley Act auditor attestation requirement and explore whether updates are needed to Securities Act Rule 701, which many companies use to provide stock and option awards. The committee also will vote on a final report that would be issued before the committee’s charter expires on September 24.

The FINRA Board of Governors, the governing body of the corporation, oversees management in the administration of FINRA’s affairs and the promotion of FINRA’s welfare, objectives and purposes. The information below provides additional information on FINRA’s Board, management and governance.

Radio Host Charged With Concert Ticket Investment Scam
The Securities and Exchange Commission today charged a sports radio personality and another New York City man with stealing millions of dollars from investors who were allegedly promised their funds would be used for the purchase and resale of concert tickets.

Ex-bank manager to face charges in Philippines for cyber heist, others cleared
Reuters Staff
Philippine prosecutors have recommended the filing of charges against a former bank manager for her part in laundering of tens of millions of dollars stolen from Bangladesh’s central bank last year but cleared two casino agents and a remittance firm.

So Long Sweden: Its Biggest Bank Is Moving Because of Regulation; Nordea Bank, the Nordics’ biggest lender, will move its headquarters from Sweden to Finland, saving as much as EUR1 billion
By Max Colchester – WSJ
Faced with tougher regulations, bankers sometimes threaten to decamp to a friendlier jurisdiction. Now a financial institution actually has.

Investing and Trading

Saving hurts, and so do the errors of self-invested plans
James Saft – Reuters
A little thought experiment for retirement savers:
Pretend we are at the race track and I pick your pocket, take a 10-dollar bill, replace the wallet surreptitiously and then ‘give’ you the money with instructions to put the funds on a horse. Now pretend that I also instruct you to take another 10 dollars of your own money and make a second bet.

Neil Woodford: ‘I’m right to be criticised. And I’m very sorry’
Lucy Burton – Telegraph
Britain’s best-known fund manager has apologised to investors after losing hundreds of millions of pounds on the back of a series of disastrous stock-picks.

BNP Paribas Asset Management acquires stake in robo-advisor; Robo-advisor gambit offers advisory-guided and fully autonomous interface for asset managers and banks.
By Hayley McDowell – The Trade
BNP Paribas Asset Management has acquired a majority stake in a robo-advisory investment firm as it moves forward with its digital transformation strategy.

Goldman’s Blankfein on Markets: ‘Things Have Been Going Up for Too Long’
By Liz Hoffman – WSJ
Goldman Sachs Group Chairman Lloyd Blankfein on Wednesday sounded a warning about the markets, saying that some of what he sees “unnerves” him.

Opinion: This is the dumbest bitcoin bet you can make
By Brett Arends – MarketWatch
Bitcoin Investment Trust shareholders are overpaying for the hot cryptocurrency


Banco Popular bondholders launch legal action against Spanish authorities over Santander sale
Oliver Gill – City AM
Banco Popular bondholders have filed legal action against the Spanish banking regulator that signed off the beleaguered lender’s EUR1 sale to Santander earlier this year.

Deutsche Bank boss warns “era of cheap money” needs to end
Lucy Burton – Telegraph
The head of Germany’s biggest bank has called for Europe’s “era of cheap money” to end as price bubbles form, sounding a warning a day before the European Central Bank holds a crucial policy meeting.

By William D. Cohan – Vanity Fair
Four years ago, JPMorgan Chase reached a then-record settlement with the Department of Justice after, among other things, the bank received a copy of a U.S. attorney’s draft complaint documenting its alleged role in underwriting fraudulent securities in the years leading up to the 2008 financial crisis. Following the bank’s $13 billion financial agreement, the draft complaint was never filed. Then the bank paid another settlement to prevent a separate legal case from potentially unearthing it. The contents of the draft complaint have long been a financial-crisis mystery, a Great White Whale of a document. At least until now.

How Standard Chartered Lost $400 Million on Risky Diamond Debt; The bank thought it would be a good idea to expand a unit making loans secured by the jewels. Now it wants out.
By Franz Wild , Thomas Biesheuvel , and Stephen Morris
Standard Chartered Plc’s plunge into the risky business of diamond lending began eight years ago with a cocktail party at its London headquarters.

Investment banks hit by fall-off in commodities; Top 12 global lenders record lowest half-yearly revenues in that area since 2006
Laura Noonan in Frankfurt
Goldman Sachs is not the only bank struggling with its commodities business — the world’s top 12 investment banks have just recorded their lowest half-yearly revenues in that area since at least 2006.


Asia market for liquefied natural gas derivatives catches alight
Emiko Terazono – Financial Times
The derivatives market in Asian liquefied natural gas is finally taking off, as the world’s largest importers look to diversify the pricing structures of their purchases by increasing short-term agreements.
LNG is one of the few remaining commodities where buyers and sellers are locked into multiyear contracts, and the long-awaited development comes as new supply projects have come online and the LNG price has fallen.

Investor Who Lost Millions Finally Gives Up on His China Bet
By Saijel Kishan – Bloomberg
Hedge fund manager Hart turns bullish on China and the yuan; The currency’s 2017 rally has defied bearish forecasters
Mark Hart spent seven years and $240 million waiting on a crash in China’s currency.

Turkey’s $200 Billion Wealth Fund Paralyzed by Internal Strife
By Kerim Karakaya , Onur Ant , and Benjamin Harvey – Bloomberg
Erdogan’s old ally emerges as another pillar of Turkish power; Prime minister calls claims of one-man rule a ‘complete lie’
Recep Tayyip Erdogan and Binali Yildirim. Photographer: Mehmet Ali Ozcan/Anadolu Agency via Getty Images
Days after last year’s failed coup, Turkish President Recep Tayyip Erdogan and his allies set to work creating a wealth fund to safeguard what is now about $200 billion of assets, including cash, property and shares.

India’s Surprising Economic Partition
By Daniel Moss and Scott Lanman
As India and Pakistan celebrate their 70th birthdays, Benchmark looks at the economic partition of colonial India into the two independent nations. The violence and human tragedy that accompanied the division has been widely chronicled. Less discussed, but no less important, is the economic divergence between the two. How did Pakistan’s economy stumble after a promising start? What happened to India in the early 1990s that led it to take off after a sluggish couple of decades? Faris Khan tells Dan and Scott about his own family’s journey to Pakistan while Nisid Hajari injects a note of caution into India’s bullish assumptions.

First Harvey, Then Irma and Jose. Why? It’s the Season.
Henry Fountain – NY Times
First came Hurricane Harvey, which barreled into Texas on Aug. 25. Now Irma, one of the most powerful hurricanes on record, is battering the Caribbean and has Florida in its sights.
Jose, currently a tropical storm, trails behind in the mid-Atlantic. And early Wednesday, a coalescing weather system in the southwestern Gulf of Mexico became tropical storm Katia — the fourth named storm in two weeks.

Yuan’s Sharp Rise Muddles China’s Growth Picture; Currency’s newfound strength surprises traders and adds pressure to country’s businesses
By Lingling Wei in Beijing and Saumya Vaishampayan in Hong Kong – WSJ
A recent surge in the value of the yuan has blindsided Wall Street and stands to complicate China’s efforts to simultaneously manage a slowdown in growth while deepening its ties to global markets.


The Brexit negotiations will be tough. But rest assured, a compromise deal is coming
NICK TIMOTHY – Telegraph
Ignore the sound and the fury as the House of Commons debates Brexit today, and it is possible to see a road map towards a potential agreement between Britain and the European Union. The strategy announced at Lancaster House in January by Theresa May continues.

Brexit Bulletin: Return of the Cliff Edge?
By Simon Kennedy – Bloomberg
Leaked immigration paper threatens chance of transition deal; Repeal bill to be debated in Parliament on Thursday
Leaked immigration proposals for post-Brexit Britain threaten to complicate the U.K.’s withdrawal from the European Union.

LEAKED DOCUMENT: Bank of England has ‘significant concern’ over post-Brexit approval for Deutsche Bank’s UK branch
Ben Moshinsky – Business Insider
Supervisors at the Bank of England expressed “significant concern” to Deutsche Bank in a letter concerning its UK branch authorisation ahead of Brexit, according to a leaked internal document from the German lender.


Taking On Wall Street’s Church of Big Money
Michael Sokolove – NY Times
With “Junk,” the Pulitzer-winning playwright Ayad Akhtar examines financial chicanery in the 1980s — and how it shaped the blind worship of affluence today.

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About Author

Bergstrom is chief information officer of John J. Lothian & Co. He edits MarketsWiki and JLN Options.