Oh Dear

Imagine a warehouse full of dollar bills – seven billion of them. Now imagine someone throwing a match in.

That\’s Nicola Horlick on the Soc Gen affair. Really, you would think that she at least would know better.

It hasn\’t been a destruction of wealth. It\’s been a transfer. Equity derivatives are a zero sum game.

I hadn\’t known she was involved in the Peter Young affair though. That was a really wonderful scandal.

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