The banksters get caught rigging yet another market not by the regulators of course as a private lawsuit was filed yesterday by the Boston Retirement System accusing Bank of America, Credit Agricole, Credit Suisse, Deutsche Bank and Nomura of conspiring to manipulate the bid and ask spread of government agency bonds going back to 2005. Once again the banksters demonstrate that they flat out could care less about regulations and treating their clients ethically and honestly. The only thing that matters is profits and their business model is literally based on lie cheat and steal. In the process demonstrating once again that the regulators despite talking tough are asleep at the switch and proscribe punishments that amount to trivial slaps on the wrist as this type of behavior continues unabated because it is obviously profitable.
Walmart managed to wrap up the earnings reporting season ona decent note beating the earnings number despite a miss in revenues. Forward guidance was mildly positive one of the few retailers to offer such. That said the report was decidedly on the weak side.
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