Now the Archbishop has a pop at City traders!
When the Archbishop of York is stepping up to the plate to have a go at the City traders you know that you are in trouble and the whole world is against you. However, many people will be unaware that the Church of England has one of the largest property and investment portfolios in the UK and is a regular trader on the UK stock market. Does the Church complain when it is making money and trading shares? Does anyone who has criticised City traders complain when they are making money?
While the comments from the Archbishop of York were mixed with comments about world poverty and the obscene amounts being used to bailout the world economy it does seem to be open season for City traders. Like many industries there are good and there are bad but to lump all City traders under one group is obscene and an insult to some of the brightest minds in the UK.
If traders have been found to have spread rumours in order to make money then they should be charged by the FSA and taken to court. But this is possibly the crux of the matter in the FSA's record on insider dealing and market abuse is second rate to say the least, so they are looking to turn the tables now and punish everyone by association.
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