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> but probably biased based on the particular banks opportunities for that day. Not the banks, individuals. The people doing the manipulating were paid on P&L
by bboreham 11y ago
> but probably biased based on the particular banks opportunities for that day.
Not the banks, individuals. The people doing the manipulating were paid on P&L from particular sub-sets of the bank's overall position (their 'books'). So it is entirely possible that while those people's P&L went up on a given day, the bank's overall P&L went down.
- easytiger 11y agoAnd the counter party's pnl went up
- bboreham 11y agoThe bank as a whole has thousands or millions of counterparties.
- bko 11y agoGood point. People often forget that these are individuals responsible for this wrong-doing, not weirdly anthropomorphised corporate entities. The money that these banks pay doesn't come from some giant vault but from share-holders. If you have a 401k, you may be helping foot the bill. Without any criminal convictions, it seems more like a shake-down than justice.