Bloomberg had an interesting article up today regarding an "idea" meeting of some of the biggest hedge funds in the world in New York recently and it appears after an agenda was leaked, that the Department of Justice correctly took notice.
Besides discussing a take down of the Euro, other themes included:
Other ideas discussed at the dinner, which took place at the Townhouse, a private dining facility run by restaurant Park Avenue Winter, were bullish bets on the Canadian dollar and Philip Morris International and bearish wagers on Wells Fargo & Co. and Bank of America Corp.
Now let us think about this for a moment, the biggest hedge funds in the world all getting together to discuss "ideas" regarding various "bets" on the markets. That sure sounds like it is collusion to me and not only collusion, but exactly the kind of behavior that our justice department and the SEC should vigorously investigate.
This begins to bring up questions of whether or not these meetings have taken place in the past and what kind of communications these traders/funds have on a regular basis regarding their "bets". I think the SEC/DOJ should begin an aggressive investigation into these entities to see whether or not they conspired on their bets and not just for this year, but for past years including bets on oil, Bear/Lehman/other financial shorts in 2008, the Euro (and the dollar before that), and the MBS market as well. This article (and meeting) raise some important questions regarding whether or not these funds have been conspiring against the American people in the past through potentially concerted trading and if so, the people behind any collusion should be brought to justice.
If the DOJ was smart, they would be doing more than just asking that some records not be destroyed, but actively seeking out warrants for work and personal email accounts among other information going back as far as 2007 to see if any other collusion has taken place. It's bad enough assholes like these get special tax treatment on their gains, but it is worse if it turns out they have all been working in concert against the American economy.