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Legerdemath (An Insider Comes Clean on Derivatives Fraud)

By Implode-Explode Heavy Industries

``Our clients were non-financial corporations, the Deltas and Verizons of the world, which relied on us for advice and education. Our directive was ?to help companies decrease and manage their risks.? Often we did just that. And often we advised clients to execute trades solely because they presented opportunities for us to profit. In either case, whenever possible we used our superior knowledge to manipulate the pricing of the trade in our favor. I never heard this arrangement described as a conflict of interest. I learned to think we were simply smarter than the client.''

Full post as published by Mortgage Lender Implode-o-Meter on February 03, 2011 (boomark / email).