They let Clarence Boddicker run a company?
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The whole Madoff money dilemma.
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That is very BaFin
And my guess is that the entire German financial establishment will now decide that Braun was a master criminal, thus absolving them of any responsibility for what happened.
This reminds me a lot of the vendetta against Ackermann over Mannesman. And just as in that case, the fact that Braun is Austrian helps (Ackermann is Swiss).Last edited by ursus arctos; 23-06-2020, 12:43.
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The FT comes up with a great excuse for dodgy browser histories: I was investigating a payment processor!
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https://twitter.com/FD/status/1281238824744554499
High finance types do have a unhealthy fascination with the spy services. I am massively unsurprised that he tried this.
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Another one for the "who would fall for this scam?" pile:
Several cases have come to our attention in Germany and Switzerland in which a caller claiming to be Felix Hufeld asks consumers over the phone to pay large sums of money into a specific account. In addition to these fraudulent calls alleged to be from BaFin’s President, numerous fake e-mails containing fraudulent requests for payments have also be sent using the name of his spokesperson, Dr Sabine Reimer.
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FCA consults on retail investments. This is pretty scary, and seems to support my not-particularly-well-thought-out proposal to ban non-equity retail investments which claim to yield more than x% over BBR or maybe 10 year Gilts, where x is a fairly low (definitely single-digit) percentage:
The historically low interest environment has driven a ‘search for yield’ and may have affected some people’s perception of what a ‘good rate of return’ is. For example, recent FCA research found that consumers only start to recognise that a financial promotion for an investment product is probably ‘too good to be true’ when the promised rate of return is around 30% or more, at which point they are less likely to choose the product.
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The FCA has confirmed proposals to permanently ban the mass-marketing of speculative illiquid securities - including speculative mini-bonds - to retail investors.
A temporary ban was introduced without consultation in January following serious concerns that speculative mini-bonds were being promoted to retail investors who neither understood the risks involved, nor could afford the potential financial losses.
The new rules will apply from 1 January 2021 and include a small number of changes to the temporary ban, following a consultation launched in June.
This includes bringing listed bonds with similar features to other speculative illiquid securities, and which are not regularly traded, within the scope of the ban.
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