Business

Two familiar names are in the news this morning, after the UK's Serious Fraud Office filed criminal charges against Barclays Plc and four former executives, including former CEO John Varley, for conspiracy to commit fraud regarding the bank’s 2008 capital raising from Qatar. The SFO said Tuesday that former Chief Executive Officer John Varley, former chairman of investment banking for the Middle East Roger Jenkins, ex-deputy head of investment banking Richard Boath and ex-wealth chief Thomas Kalaris face charges along with the bank.

On Monday morning, we reported that in a stunning development, chronic defaulter Argentina - which just one year ago emerged from its latest bankruptcy - has found enough willing greater fools to sell 100-year bonds to. One person who especially stunned, was Mint's Bill Blain, who issued an entire note describing his disgust with what the market has devolved to.

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Argentina 100 Year Bonds: Really? Nobody Believes, But They Will Buy.

“Everyone should learn to Tango before they die.. ”

Investors added $871 million to the Vanguard FTSE Europe exchange-traded fund in the five days through Friday, pushing the largest European ETF to its largest two-week inflow in history.

The US hedge fund industry is in rough shape as the Federal Reserve’s lift-all-boats monetary policy has made it increasingly difficult to beat the market. US hedge funds endured nearly $100 billion in redemptions last year, as only 30% of US equity funds beat their benchmarks.

Back in 2007, the ratings agencies were so woefully behind the eight ball in understanding and reporting the credit risks in the U.S. financial system that it was nearly impossible to tell from day to day whether they were really just that incompetent or if they were complicit in the biggest financial fraud in history.  Regardless of which you believe is more likely, they seem intent upon not making the same mistake again...at least not in Australia.