Typical politics: when you don\’t like what a market is telling you, investigate the market.
The investigations are relatively trivial: does Markit (a market reporting agency) have privileged, illegally privileged, access to market data and have the major players ganged up to make sure that trades are cleared through one specific clearing house rather than allowing competition to develop.
These things might have been done, might not have been, I\’ve no idea at all. But if they have they\’re rather trivial. But investigating them allows politicians to say that they\’re \”doing something\” about this CDS market.
You know, that CDS market that is telling the politicians they\’re full of shit over eurozone sovereign debt? That, of course, being the real crime but one that\’s not prosecutable.
As of course it shouldn\’t be for reminding politicians of reality is a duty, not a crime.