DailyDirt: Cheaters Sometimes Prosper...
from the urls-we-dig-up dept
- In 2012, Italian police arrested 8 people related to a scheme involving $6 trillion (yes, trillion) in fake US Treasury bonds. According to US authorities, these kinds of documents are part of a growing trend of "fictitious instrument fraud" where fake securities are used as collateral in a scam aimed at unwitting investors. [url]
- How often do traders misplace a decimal point on purpose? David Miller would have made a killing buying 1.625 million shares of AAPL (instead of 1,625 shares!) if the stock beat its estimates, but Apple's shares actually fell... oops. [url]
- The London interbank offered rate (aka Libor) is a global benchmark for financial instruments worth over $300 trillion -- and it's part of one of the largest and longest-running banking scams in history. Traders at several large banks colluded to manipulate Libor for years... because bankers were trusted to report honest numbers. hmm. [url]