給特區的信（１７２）－西方財金界渉嫌干犯操控市場？

---------- Forwarded message ----------
From: George Luk 
Date: 2015-08-05 20:58 GMT+08:00
Subject: 給特區的信（１７２）－西方財金界渉嫌干犯操控市場？
To: "Mr. Li Wei" <drc@drc.gov.cn>, "Mr. C Y Leung" <ceo@ceo.gov.hk>
Cc: "hd@1823.gov.hk" <hd@1823.gov.hk>, "Mr. Anthony Cheung" <sthoffice@thb.gov.hk>, "Mr. CHEUNG Wan Ching" <scsoffice@csb.gov.hk>, "Mr. LAU Kong Wah" <sha@hab.gov.hk>, "Ms. TENG Yu Yan" <doe@had.gov.hk>, George1 Luk 

李偉先生／梁振英先生：

1. 操控Libor 前交易員海斯被判14年：（法新社倫敦3日電）曾任職瑞士銀行集團（UBS）和花旗集團的交易員海斯（Tom Hayes），繼成為因涉嫌操控倫敦銀行同業拆款利率（Libor）被陪審 團定罪的第一人後，今天遭倫敦法院重判14年徒刑。35歲的海斯在倫敦法院受審2個月後，遭定罪判刑。

2. 海斯被控自2006年至2010年任職於UBS及其競爭對手花旗集團（Citigroup）期間，犯下8項共謀詐騙罪名，但海斯拒絕認罪。法庭今天宣判時，海斯面無表情，兩眼凝視前方，在法庭內旁聽的妻子和父母則低頭聆判。檢方表示，海斯是著手操控Libor的十餘名交易員的頭子。倫敦銀行同業拆款利率Libor是全球各地金融商品的重要參考指標。海斯告訴調查人員，意圖左右Libor「司空見慣」，並形容自己是「連續犯」。

3. Libor利用各家銀行估計的拆借利率每日計算，但此制度容易遭濫用，部分交易員謊報借貸成本，藉此增加交易部位或讓他們的銀行看起來更安全。全球多家大型銀行捲入操控Libor醜聞，英國巴克萊銀行（Barclays）於2012年同意支付2.9億英鎊（4.5 億美元）和解金，擺平英國和美國監管當局的追究，是最先賠錢了事的備受矚目案例。

4. 在２０１２年前後，www.rollingstone.com的Matt Taibbi曾多次提出他對西方財金界道德風險的探討，並引起極大迴響，連結：（很多都非常出位，及極為詳盡及「長篇大論」，共廿多篇，當中小部份可能為了「吸引眼球」而稍過火位）

http://www.rollingstone.com/search?q=Libor+Scandal&filter=article

5. 其中一篇２０１３年的文章「Everything Is Rigged: The Biggest Price-Fixing Scandal Ever」，他對財金醜聞的批評，可算極其嚴厲。 Read more: http://www.rollingstone.com/politics/news/everything-is-rigged-the-biggest-financial-scandal-yet-20130425#ixzz3huC7pS52

6. 文中末段他說：After scandals involving libor and, perhaps, ISDAfix, the question that should have everyone freaked out is this: What other markets out there carry the same potential for manipulation? The answer to that question is far from reassuring, because the potential is almost everywhere. From gold to gas to swaps to interest rates, prices all over the world are dependent upon little private cabals of cigar-chomping insiders we're forced to trust.

7. "In all the over-the-counter markets, you don't really have pricing except by a bunch of guys getting together," Masters notes glumly.

8. That includes the markets for gold (where prices are set by five banks in a Libor-ish teleconferencing process that, ironically, was created in part by N M Rothschild & Sons) and silver (whose price is set by just three banks), as well as benchmark rates in numerous other commodities – jet fuel, diesel, electric power, coal, you name it. The problem in each of these markets is the same: We all have to rely upon the honesty of companies like Barclays (already caught and fined $453 million for rigging Libor) or JPMorgan Chase (paid a $228 million settlement for rigging municipal-bond auctions) or UBS (fined a collective $1.66 billion for both muni-bond rigging and Libor manipulation) to faithfully report the real prices of things like interest rates, swaps, currencies and commodities.

9. All of these benchmarks based on voluntary reporting are now being looked at by regulators around the world, and God knows what they'll find. The European Federation of Financial Services Users wrote in an official EU survey last summer that all of these systems are ripe targets for manipulation. "In general," it wrote, "those markets which are based on non-attested, voluntary submission of data from agents whose benefits depend on such benchmarks are especially vulnerable of market abuse and distortion."

Translation: When prices are set by companies that can profit by manipulating them, we're fucked.

"You name it," says Frenk. "Any of these benchmarks is a possibility for corruption."

10. The only reason this problem has not received the attention it deserves is because the scale of it is so enormous that ordinary people simply cannot see it. It's not just stealing by reaching a hand into your pocket and taking out money, but stealing in which banks can hit a few keystrokes and magically make whatever's in your pocket worth less. This is corruption at the molecular level of the economy, Space Age stealing – and it's only just coming into view.

This story is from the May 9th, 2013 issue of Rolling Stone.

From The Archives Issue 1182: May 9, 2013

11. 以下Bank for international settlement的資料，可以顯示出可以操控市場的巨大力量：－

Table 19: Amounts outstanding of over-the-counter (OTC) derivatives By risk category and instrument：http://www.bis.org/statistics/dt1920a.pdf

及 Table 23A: Derivative financial instruments traded on organised exchanges By instrument and location：http://www.bis.org/statistics/r_qa1506_hanx23a.pdf

Regards,

George Luk

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日期： 2015年8月3日 上午11:39

主旨： Re: 給特區的信（１７１）－沒有泡沫便沒有新時代
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George Luk 先生:

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(吳穎嫻  代行) 

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日期： 2015年8月3日 上午10:32

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