RAPID RESPONSES

ETFs not so rogue
Yesterday, UBS said its alleged rogue trader was using futures to trade equity indices. One top fund manager says:

So this had nothing to do with exchange-traded funds (ETF), save that UBS claims he falsified trades in them. The witch hunt of ETFs led by Terry Smith, without first ascertaining the full facts, shows ETFs are not toxic to investors but to the high fee/low transparency world of fund management that they so starkly challenge.

Alan Miller, SCM Private

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Save the euro

Politicians can and will sort out the euro crisis. Why? They have no alternative. A breakup would send Germany, Greece and every country in between into a grinding recession. The cost of the solutions - euro bonds, empowering the European Central Bank to stand behind Eurozone debt - is a bargain compared to that. Europe's leaders have not yet made that clear. They must, and
time is running out.

Roland Rudd, chairman of Business for New Europe