BBC informs us, that a major fraud, targeting account information of private clients was prevented by a new government body, called "Soca". The acronym stands for "Serious Organized Crime Agency" which I find rather amusing.
finance & investment
It looks like investment banks' profits will be exceptionally high this year as well. On the radio they have been saying that once again "those people with six figure salaries will get extra high bonuses". Not me, unfortunately.
According to an article in The Economist, London attracts more capital and hedge fund managers each year. Mayfair starts to threaten NY's dominance as the hedge fund capital of the world. Higher profitability as well as better regulation are quoted as the reasons behind the change. An interesting quote:
Once I read about a rather unusual fraud scheme. In essence, some 1000 random people would receive letters, 500 of which claimed, that stock A would go up, and the other 500 that it would go down during the next NY Stock Exchange trading day - all based on their new ground braking prediction models or insider information. Well, it is not hard to realize, that at least half of the predictions were correct!
For testing purposes a colleague of mine selected an LSE stock at random. The lucky winner was CRT.L - Chariot Plc, the new lottery runner, which failed miserably during the first public sale of its tickets. Having the luxury of Reuters feed on my workstation, I could easily check, that the new threat to Camelot started around 180 pence per share when they had their IPO in February, but today it