Beware of the Banks!

Merril published an article about shady deals of large US banks. For example, Merrill Lynch misused information related to large client orders. The bank used this information to place its trades afterwards. Another blue chip bank – Bank of New York – overcharged Virginia pension plans by almost 20 mio USD in currency trades. The bank used for currency conversions the worst price of the day and pocketed the difference.


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