, 7 tweets, 3 min read Read on Twitter
Much of the losses were incurred by Regents' own customers, pension funds for state railway workers.
Betting against your own customer's pension fund to charge them to steal their retirement money.

Nice guys at these investment firms....
Seems a couple of brothers from India have cornered the market on corruption in South Africa. I'm sure the global corruption & money laundering investigations won't end well for them...
As with our Swamp, systemic corruption allows individuals to control the government to fleece it in exchange for making politicians & their foundations very wealthy...
So basically the investment firm, made a futures trade to sell its client's fund (which they controlled) bonds that it knew were going to be worth significantly less than the futures price. They then bought up bonds at the low price & sold them to their client at the higher cost.
Looks like some folks will get a long time to think it over, if they live long enough to make it to prison...
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