Business
Markets are behaving dangerously but central banks have their heads in the sand – Sydney Morning Herald
The level of peculiar and potentially destructive speculative activity in financial markets is being downplayed or ignored by central bankers.
Losses from the derivative exposures of some of the worlds largest banks to a previously unknown private family office of a man who pled guilty to insider trading have now topped $US10 billion.
Credit Suisse ($US5.7 billion), Nomura ($US2.9 billion), Morgan Stanley ($US900 million), UBS ($US860 million) and two smaller Japanese banks who have lost $US400 million between them have been caught up in one of the worlds largest, and one of its quickest, collapses of a private investment vehicle after…
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