Many of us unconsciously believe that Gordon Gekko revealed the secrets of the universe to Bud Fox when he told him how finance guys run the world: "We make the rules, pal. The news, war, peace, famine, upheaval, the price per paper clip. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it.'"
Major bank stocks are trading down far more sharply than the broader markets.
Now that Fourth of July weekend is behind us the summer is in full swing. Your interns are finally getting settled in. In fact, they've probably adjusted to the good natured hazing they've experienced on the trading desk — like testing their resourcefulness by asking them to bring you a root beer float.
In a recent interview with the Financial Times, Bernie Madoff explained how—and why—he defrauded his investors out of billions of dollars. His account certainly sounds credible—but one doesn't perpetrate the largest Ponzi scheme in recorded history without the capacity to make dubious information sound legitimate.
Last November, the economist Nouriel Roubini Tweeted: "Greece & Ireland are solvency not liquidity."