Mark Johnson, HSBC'sglobal head of foreign exchange cash trading in London, and Stuart Scott,former head of HSBC's forex trading for Europe, the Middle East and Africa,will appear in a New York court.”
When is an executive not an executive? When he’s a “head of”. A more accurate description of a “head of” would be senior manager or even baby executive, but one thing they are not is especially senior, “global” or otherwise, which prompts a few questions:
1) So (US) regulators are going after currency traders now, not just libor bods, interesting…. (it fits the still subterranean narrative of every market that could be gamed appears to have gamed i.e. fraud was committed, and slowly but surely folks are gonna pay)
2) thought traders got the big bucks because they superstar moneymakers, not crooks?
3) The folks that’re gonna pay aren’t that senior, meaning the real senior guys are going to keep getting away with it
4) Why are people who aren’t that senior being misrepresented as being senior?
5) And Jezuz, Shitting Christ and his 12 disciples, why has been going on for years? (compare/contrast re: how long it takes to prosecute "plebs")
As an aside, given these guys look like they’re getting hauled up in the US, I’d be shitting myself if I was them (see here for instance).