Here’s what’s in your Prime Interest today:
The latest on Bloomberg-gate, as we’ve dubbed it — is that they allegedly misrepresented the truth. The scandal erupted when it surfaced that Bloomberg reporters were skimming personal data from Bloomberg’s prominent clients. The firm claimed they *fixed* the problem two years ago. However, a review by an independent firm has revealed otherwise.
And what would that independent firm be? None other than prominent shadow regulator, Promontory Financial Group. Yes, the very firm that signed off on MF Global’s risk controls before Jon Corzine blew up the firm with customer money. Apparently, antiquated Excel spreadsheets and human memory were good enough for Promontory, then. Imagine what passes now.
Switching gears, yesterday the Fed release its last meeting’s minutes. But it’s just more of the same — maybe the Fed will taper, maybe it won’t. There is, however, more relevant Fed news that’s flying under the radar. They’ve appealed a ruling asking them to lower transaction fees every time we swipe our debit cards. Unfortunately, these lower transaction fees have already passed costs onto consumers. Bob talks to Benn Steil, author of the Battle of Bretton Woods, about our global markets. Then Bob interviews with veteran futures trader, Larry Williams. They talk about how he turned $10,000 into over a million dollars in a trading competition in 1987.
Plus when the Fed began talking about tapering last April, many investors became worried. Then, no surprise, Treasury yields shot up. Since, May of this year 10 year yields are are up 130 basis points. Justine charts what’s called the “carry trade.” Finally we duel Breaking the Set Producer, Ameera David over stealth clothing. There is more or less than you think.