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Opinion
Matt Levine

Levine on Wall Street: Tax Evaders Were Just Doing Their Jobs

One could almost say that they, and also the foreign exchange traders who may or may not have manipulated fixing rates, were doing God's work.

Leave the FX manipulators alone.

My working assumption of the foreign exchange manipulation scandal has always been that it's too easy to confuse legitimate hedging of a client order with evil front-running and manipulation, and that a lot of what I've read about the scandal sounds more like the former than the latter. Here Joy Rajiv, a former FX trader at Morgan Stanley and Deutsche Bank, defends that position clearly and at some length at FT Alphaville.