UK Finance Market Riddled With Abuse

I don't know why I'm surprised.

We just ejected a corrupt, inept government and now we discover that over 30% of takeover deals had "abnormal activity" prior to those deals closing.

The city is obviously a cesspit inhabited by thousands of finance "professionals" lining their own scummy nests.

Look:

"The Financial Services Authority said there was abnormal pre-announcement price movements (APPMs) in 30.6 percent of takeover situations in 2009, up from 29.3 percent in 2008 and the highest level since 2004. The FSA uses the APPMs data to detect possible insider dealing or market abuse. Its indicator is based on share prices in the two days before an announcement and is not perfect, it said, noting that accurate analysis or media reports could influence the level."

And apart from a few fines being dished out, they managed two (count 'em) prosecutions:

"The FSA successfully completed two insider dealing prosecutions in the year, including a high-profile case against a former partner at UK brokerage Cazenove, but this month lost its first criminal case for insider dealing when a lawyer and a finance director were cleared of wrongdoing."

Marvellous. Makes you all warm & fuzzy inside to know that the FSA are on top of their game.

Full story can be found right here.

Does anyone do anything honestly anymore?

Can't trust scientists, can't trust doctors, can't trust the police, can't trust the banks, and we could never, ever trust politicians.

It's depressing, I tells ya, depressing!

CR.