Thursday, October 12, 2017

Embattled ex-HSBC Johnson Pushes Back on Allegations, ‘Fair all around’

Embattled ex-HSBC Johnson Pushes Back on Allegations, ‘Fair all around’

Regulation ( Institutional FX 


Mark Johnson on witness stand questioned by his defense attorney Frank Wohl. When asked how he described the eventual outcome of the deal, he responded: “I was surprised. It was a lot better than expected outcome for HSBC. But I felt it was fair all round . . . For the risk that HSBC took, the outcome was fair.”( click on image to see larger)

Defense Expert Kevin Rodgers on the witness stand. HSBC Mark Johnson trial. Rodgers,  former head of foreign exchange trading for Deutsche Bank told the New York federal jury weighing the criminal case against Johnson  that “pre-hedging,” or making some of a large currency purchase in advance, is a standard practice that can be beneficial to the buyer because it keeps the price down. ( click on image to see larger)

From the onset of the trial Johnson has been on the defensive after facing particular damning testimonial evidence. Recorded conversations picked up code words to his fellow traders, including the phrase ‘my watch is off’, which ultimately triggered the frenetic buying action from the traders.
Artwork by Elizabeth Williams 

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