This column is going to sound like it was written for a journal offering something to the left of Stalinism, but some things need to be said and asked. So let’s ask the question – is the UK’s Serious Fraud Office’s dropping of the Libor investigation yet another example of how senior managers are getting […]
Tag: legal action
It worries me we are witnessing an increasing reluctance to accept responsibility when something goes wrong in financial markets and we need to do something about it. Let’s not kid ourselves, just about every financial markets related fraud has occurred because someone, somewhere, didn’t want to take a loss. If we don’t halt this, are we breeding a generation whose first thought on incurring a loss is “who do I blame?” and second, more worryingly, is “how do I cover this up?”
It wouldn’t be the modern day FX market if the year didn’t kick off with legal issues and 2018 is no different. What is different this year is that they could, conceivably, pull the curtain down on a sorry saga and provide critical direction on two grey areas in the industry.
There have been regulatory fines handed down regarding last look but as far as I can tell a case currently being heard in London is the first where an employee is claiming they were dismissed largely because of their use of the practice.