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Champagne was plentiful but canapés were scarce
September 2002
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This is a profound ethical issue. These are very sophisticated operations where the counterparty was not a hedge fund – it was not even a financial institution. Should a grocery chain be selling volatility protection?
Guillermo Ortiz, central bank governor, lambasts investment banks for entering FX trades with local retailer Comercial Mexicana which led to Mexico’s monetary authority having to raise over $8 billion to cover positions