Lord Turner, the chairman of the FSA, signals that the profitable currency “carry trade” is in his sights.
4 Responses to “UK regulator signals crackdown on carry trade”
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AUTOREFRESH 
“We need to ensure that credit ends up in the right place”… Yeah, and of course he and the FSA (the same one supervising financial services all the way to the crash) know better than anyone else where that money has to go. He could appoint Hugo Chavez as FSA adviser. Really fitting.
Anyway, better I keep on completing my tax return, deadline tomorrow and after all we have to pay Lord Turner´s well deserved wages one way or another.
What the hell do they expect to do with our brokers to enforce this? Make them set our minimum accounts to $1M and set leverage to 10:1? Say goodbye to a whole industry?
Apparently, individuals making profits to spend in their respective local economies do not constitute a positive value to society. Using that logic, I expect that only charities and government dole programs deserve to participate in the “economy”.
[...] 2010 at 21:07 GMT || 0 comments || Add comment The stories Gerry mentioned earlier regarding the FSA and the QE program are weighing heavily on sterling this morning. The real money buyers that the [...]