Thursday, July 14, 2011

Barclays Learned Nothing From VZZ

Never underestimate the stupidity of a large financial firm.  The crash and forced redemption of VZZ should have taught Barclays not to build structured products around futures.  They've learned nothing. they're about to roll out a brand new version of the exact same product.  I guess the "B" added to the ticker is for baloney.

This reminds me of automakers who rebrand a poorly selling domestic model for relaunch in an international market.  The key there is that they can introduce the lemon to a whole new batch of suckers who've never encountered it.  Doing that with financial products is almost impossible because of the globalization of financial markets.  Word will get out instantly, like on this blog (thank you very much).

Ah, Barclays.  You don't want someone as smart as me working there.  I'd ruin some managing director's day by ridiculing stuff like this.