Bangladesh has learned a valuable lesson over the past two months: Do. Not. Trust. The. New. York. Fed.
On a quiet Friday morning in early February, a series of instructions using authenticated SWIFT codes was sent to 33 Liberty allegedly from the Bangladesh central bank requesting the transfer of nearly $1 billion from the country’s FX reserves. Continue reading
From the man that nearly broke Britain:
It may go down as one of the great currency bets in Australian dollar history – a $US1 billion gamble on a Reserve Bank rate cut that has delivered a $US19 million ($18.65m) profit in 36 hours.
The beneficiary, if you believe the rumour mill, is investment legend George Soros.
Best of all, it appears the 82-year-old American pulled off the deal three times, all with different foreign exchange brokers in Asia, for a tidy profit of almost $US60 million. Continue reading