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To: macavity who wrote (41773)	11/19/2003 5:00:57 PM
From: Condor	Read Replies (1) \| Respond to of 74559

Yes I understand you don't see evidence that China is in a bull market but my post was more intended to demonstrate a nuance of changing global leadership dynamics. That certainly isn't to say the US becomes inconsequential but the Euro $ rise and the robust Chinese influence IMO along with widespread disdain of US foreign policy and their perceived "screw the world" trade initiatives suggests "things are not going to remain the same" in the pecking/food chain order. In any event mac I understand your "show me the money" approach and can't fault it. cheers C

To: macavity who wrote (41773)	11/19/2003 8:39:48 PM
From: elmatador	Read Replies (1) \| Respond to of 74559

US prosecutors charge 47 (Wayomen) in forex fraud By Vincent Boland and Jonathan Birchall in New York Published: November 19 2003 5:10 \| Last Updated: November 19 2003 17:56 <<Who told that only the Nigerians know how to defraud? Wayo is everywhere!>> US federal prosecutors on Wednesday annuonced charges against 47 people after a probe into fraud in the New York foreign exchange market uncovered "a staggering array of criminal conduct". Those charged include currency traders at JP Morgan Chase, Société Générale, UBS, Dresdner Kleinwort Wasserstein and Israel Discount Bank, and a former member of the New York Federal Reserve's foreign exchange committee. Staff at several money brokers, including Madison Deane, Itrade, Evergreen Trading, and UK-owned ICAP and Tullett Liberty were also charged. The 18-month investigation, known as "Operation Wooden Nickel", culminated in a series of raids and arrests on Wall Street and in New Jersey, Colorado, Florida and Tennessee late on Tuesday. James Comey, US attorney, said there was no evidence the fraud extended to London, where the largest share of the $1,300bn per day turnover on the foreign exchange markets is traded. He said the probe uncovered two separate schemes in which banks and thousands of small investors were allegedly defrauded of "millions of dollars". "Some of the world's biggest banks were scammed by corrupt players inhabiting every level of the forex interbank market," he told a press conference in New York. He said the banks had been targeted by currency traders who took payoffs to steer their employers into losing currency trades set up by corrupt brokers. During a six-month period an undercover agent for the Federal Bureau of Investigation discovered details of 123 fraudulent trades that produced illegal profits of more than $650,000. The investigation suggested these kinds of trades had been going on for more than 20 years. The alleged frauds are the latest blow to Wall Street, which is fighting to restore investor confidence following scandals over biased stock research and mutual fund trading abuses. "This is certainly not good publicity for Wall Street," said John Coffee, a professor at Columbia Law School, who said some of the firms allegedly involved "sound like classic Wall Street boiler rooms". These are small firms where high-pressure salespeople cold-call possible customers, usually by going through the phone book, and promise huge returns on investments. But he said that the forex scandal was not on the same scale as the investigation into mutual fund abuses, which may have cost investors billions of dollars. Mr Comey said one boiler room scheme allegedly resulted in 1,000 small investors losing millions of dollars by agreeing to send money to the firms to invest in the foreign exchange market. Among those charged were Stephen Moore, chief executive of Itrade, a foreign exchange broker, who previously served on the foreign exchange committee sponsored by the New York Fed. Also involved in the probe were the Commodity Futures Trading Commission and the Securities and Exchange Commission, which filed securities and commodities fraud charges against several of those arrested. Other individuals charged in relation to the alleged frauds were employees of Tradition North America; Hamilton Sterling & Associates; Montgomery Sterling; Walter, Scott, Lev & Associates; and First Lexington.