The parallels between the nickel-trading fiasco and the LIBOR scandal
From afar London’s vaunted finance-industry heritage looks a lot like backwardness
IN “CASINO”, A film from 1995, Joe Pesci plays Nicky Santoro, a violent gangster with a short fuse. Santoro has been losing heavily at blackjack. If the next card is a picture card, he will lose some more. The dealer turns the king of clubs. Santoro angrily flicks the card back and, in the saltiest language, orders the dealer to try again. A nervous floor manager nods his assent. The dealer turns the queen of hearts. Santoro grows angrier. The dealer tries again. The same sequence—picture card, profanity, fresh deal—is repeated, until Santoro has a winning hand.
This article appeared in the Finance & economics section of the print edition under the headline “Twisted metal”
Finance & economics March 26th 2022
- The transition to clean energy will mint new commodity superpowers
- Three big uncertainties cloud the oil market
- Why foreign investors are feeling jittery about China
- The parallels between the nickel-trading fiasco and the LIBOR scandal
- Millennial demand helps stoke the housing boom
- Have economists led the world’s environmental policies astray?
From the March 26th 2022 edition
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