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 A daring trade has Wall Street seething

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lyniebell

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Join date : 2009-05-04
Posts : 151
Location : Pittsboro/Silk Hope
Age : 64

PostSubject: A daring trade has Wall Street seething   Thu Jun 11, 2009 1:20 pm

Hey it's about time! What goes around, comes around!

A daring trade has Wall Street seethingThe Wall Street Journal - June 11, 2009
(Copyright (c) 2009, Dow Jones & Company, Inc.)

By Gregory Zuckerman, Serena Ng and Liz Rappaport A canny trade by a small brokerage firm in two markets at the heart of the financial crisis has left some of the biggest players on Wall Street crying foul.

The trade, by Amherst Holdings of Austin, Texas, was particularly galling to the big banks because it turned what they believed was a sure-fire profit into a loss.

The burned banks include J.P. Morgan Chase & Co., Royal Bank of Scotland Group PLC and Bank of America Corp. Some banks have reached out to two industry trade groups about Amherst's actions, and the groups are reviewing the transaction, according to people familiar with their thinking. "It's all-out warfare" between the banks and Amherst, said a senior banker at one firm that lost money.

http://online.wsj.com/article/SB124468148614104619.html
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