BoE demands probe as rumours hit UK banks

[Marina]

Yes, it is wrong and should be illegal, and here is why:

1) such activity does not contribute to human kind - go learn how to cute cancer or somethng like this instead
2) such activity is based on high degree of leverage - this can turn the earth around, nevermind financial markets
3) spreading knowingly incorrect information with the aim to enrich oneself from the misery of others falsely accused of something that is not true is certainly illegal - if this causes damages then I am sure any court would award them.

A few rumours that quickly turn out to be false make people more skeptical of rumours that might be true. So in a sense the rumour mongers might be doing everyone a big favour.

[AtW]

A few rumours that quickly turn out to be false make people more skeptical of rumours that might be true. So in a sense the rumour mongers might be doing everyone a big favour.

No it doesn't when some of the rumour turn out to be true - after that people just play safe and drop shares, so market manipulation in such conditions becomes much easier than before.

Perhaps there is a need to introduct mandatory notice period before any shares can be sold - say 1 week, this trade has to be notified in advance to authorities for them to approve. This will kill insider trading and market manipulation with shorting.

[MrRobin]

Why are these rumour any different from a newspaper publishing a story saying they think the price of gold will go down, or some guy on an investors website saying in his blog he thinks stock xyz will go up... what a load of nonsense. DYOR!

[AtW]

Why are these rumour any different from a newspaper publishing a story saying

There were already convictions for newspaper "tips" writers who were telling stuff that actually benefited their own share portfolio - this is illegal if done for your own profit. The main problem is how to prove where this stuff came from initially - hard with verbal rumours but easier with newspaper share tips writers.

[MrRobin]

There were already convictions for newspaper "tips" writers who were telling stuff that actually benefited their own share portfolio - this is illegal if done for your own profit. The main problem is how to prove where this stuff came from initially - hard with verbal rumours but easier with newspaper share tips writers.

Hmm, ok I didn;'t know that. But if I wrote a column giving tips in a paper, wouldn't I act upon my own advice first?!

[BrilloPad]

No

Manipulating the market by spreading false rumours is very wrong. And illegal.

If god had not wanted them to be fleeced he would not have made them sheep.

[HairyArsedBloke]

Yes, it is wrong and should be illegal, and here is why:

1) such activity does not contribute to human kind - go learn how to cute cancer or somethng like this instead
2) such activity is based on high degree of leverage - this can turn the earth around, nevermind financial markets
3) spreading knowingly incorrect information with the aim to enrich oneself from the misery of others falsely accused of something that is not true is certainly illegal - if this causes damages then I am sure any court would award them.

Items 1 & 2: OH! FFS!!!!! Do we have to go through all this again?

There is something to be address in item 3, laws do exists that can be used to prosecute if it can be proved that market manipulation did take place.

In times like this all sorts of rumours go around and all sorts of strange things happen in the markets. Sometimes, in fact most times, they defy rational explanation. Stupidity, not conspiracy explains most market movements.

[BrilloPad]

Yes, it is wrong and should be illegal, and here is why:

1) such activity does not contribute to human kind - go learn how to cute cancer or somethng like this instead
2) such activity is based on high degree of leverage - this can turn the earth around, nevermind financial markets
3) spreading knowingly incorrect information with the aim to enrich oneself from the misery of others falsely accused of something that is not true is certainly illegal - if this causes damages then I am sure any court would award them.

And all the hungry should be fed too.

I worked at TMI with a quant who left Glaxo for more money - he assumed the work would be tougher!!!

[SueEllen]

Hmm, ok I didn;'t know that. But if I wrote a column giving tips in a paper, wouldn't I act upon my own advice first?!

As the law stands you are not allowed to.

[Dow Jones]

AtW and the story of the boy who always cried wolf...

Can you really believe a word he says anymore??