11/12/2002
The trouble with Foreign Exchange is that you have to buy one currency and finding one that I actually want to own at the moment is not that easy. It seems that the hedge funds share the same problems as the market is somewhat range bound. The recent strength of sterling is abating and yesterdays record trade deficit and news that S&P has put our banking system on the risk list will hardly help. The country's mortgage indebtedness now exceeds 60% of GDP though I have to question S&P's strange decision not to put Germany on the same list.
The seizing of a North Korean ship in the Arabian Sea, heading for Yemen with 12 Scud Missiles will hardly help tensions in the area. Fortunately for Yemen they dont massive oil fields so they will not be caught up in " operation Exxon".
Aswell as being the season of abusing brokers expense accounts it is also the time to fill out self-appraisal forms. These forms ask individuals to rate oneself in a number of ridiculous categories such as teamwork, ethical awareness and no doubt this year knowledge of regulatory requirement; yes the words horse and stable door do spring to mind. I always found these forms a waste of time as a successful career in investment banking is generally down to 3 things:
I understand that one successful banker at a certain european bank has been agonising over how best to fill out her self-appraisal form in order to improve her career path. Considering that her bank is currently involved with over 200 legal disputes with former and existing staff I would suggest that she does not fill out the form but simply informs her bosses of the following: " I've ripped off loads of customers for you, I'm pre-menstrual and unless you pay me a bigger bonus than my male co-head I'm going to sue you."
Harry