Wall Street has been called out for dirty deeds so many times that it doesn’t seem to phase anyone anymore.
But that’s just how it seems.
The latest scandal, involving Barclays Bank employees manipulating an exchange rate called the LIBOR, actually has some money managers on edge.
Take Cumberland Advisors’ Chief Investment Officer David Kotok, for instance. He told Bloomberg what the scandal meant for his company.
In short, it’s not good. From Bloomberg:
“As a company, we now avoid London,” said David Kotok, who manages about $2 billion as chief investment officer at Cumberland Advisors Inc. in Sarasota, Florida. “It’s tarnished. Passing the buck to others, shirking responsibility and avoiding accountability characterises the people at work there.”
We wonder who else is thinking the same thing.