Whether by design, omission or a faulty memory John Key and Gavin Walker gave incorrect information when talking about John Key and Andrew Krieger’s relationship since 1988 was impossible they must have given incorrect information about the period in which this took place. John Key and Andrew Krieger can only have worked together in 1987 thus putting John Key firmly in the traders chair on the other side of the telephone line to the Bankers Trust New York were Andrew Krieger was giving orders in what was to be the biggest attack on the New Zealand currency putting tens of thousands of New Zealand jobs and incomes at risk.
In late 1987 Andrew Krieger attacked the New Zealand dollar. He earned for the Bankers Trust bank the sum of $ 338 million in just a few days. This attack was so threatening to the dollar and the economy that the then Governor of the Reserve bank had to call the Bankers Trust bank in New York to stop the attack.
As a Forex Trader John Key was the best it the business as this Video shows John has a uncanny ability.
So lets have a look a the Forex Trading business.
I think it is safe to say the behavior below was around in John Keys day should we ask him?
BREAKING DOWN Insider Trading
Insider trading can be illegal or legal depending on when the insider makes the trade: it is illegal when the material information is still nonpublic–trading while having special knowledge is unfair to other investors who don’t have access to such knowledge. Illegal insider trading therefore includes tipping others when you have any sort of nonpublic information.
“But like so many other seemingly good ideas on Wall Street, the foreign exchange business was vulnerable to manipulation, so much so that traders created online chat rooms called “the cartel” and “the mafia.”
“If you aint cheating, you aint trying,” one trader at Barclays wrote in an online chat room where prosecutors say the price-fixing scheme was hatched.”
Six banks fined $5.6bn over rigging of foreign exchange markets
Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N), Barclays Plc (BARC.L), UBS AG UBSG.VX(UBS.N) and Royal Bank of Scotland Plc (RBS.L) were accused by U.S. and UK officials of brazenly cheating clients to boost their own profits using invitation-only chat rooms and coded language to coordinate their trades.
All but UBS pleaded guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the FX spot market. UBS pleaded guilty to a different charge. Bank of America Corp (BAC.N) was fined but avoided a guilty plea over the actions of its traders in chatrooms.
- What investments does Bank of America have in New Zealand if any?
- How did the deal for New Zealand debt with Bank of America come about?
At the bottom of the page is a video showing John Key saying he has shares in the bank of Bank Of America, public watchdog Penny Bright ask if he is making money from New Zealand’s debt?
It is just a question I am not saying he is but lets look at his history.
Key began working as a foreign exchange dealer at Elders Finance in Wellington, and rose to the position of head foreign exchange trader two years later, then moved to Auckland-based Bankers Trust in 1988.
In 1995, he joined Merrill Lynch as head of Asian foreign exchange in Singapore. That same year he was promoted to Merrill’s global head of foreign exchange, based in London, where he may have earned around US$2.25 million a year including bonuses, which is about NZ$5 million at 2001 exchange rates. Some co-workers called him “the smiling assassin” for maintaining his usual cheerfulness while sacking dozens (some say hundreds) of staff after heavy losses from the 1998 Russian financial crisis. He was a member of the Foreign Exchange Committee of the New York Federal Reserve Bank from 1999 to 2001.
John Key outed over Tranz Rail shares if it looks like it and walks like it.
Wine Gate Video
John Key say he has shares in the bank of Bank Of America, public watchdog Penny Bright ask if he is making money from New Zealand’s debt.