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Re: Dirty Laundry...
Peter Wayner says:
> I'm perfectly willing to do a "live" demonstration of money laundering
> using the futures markets. In your last private letter, you suggested
> that we use real money. I see no reason to do for two reasons:
>
> 1) Commission costs and other fees are prohibitive for the small
> amount of money that I have. Plus, why would I want to spend all that
> money just to prove a point to you?
Several hours ago I offered in private mail to conduct a bet with you
in a jurisdiction that permits such bets -- I suggested that $10,000
might make it worth your while.
> 2) I see no reason to go out and borrow money for what is essentially
> an academic exercise. This is a game for the rich. If you've only got
> to move $10,000 then cash and Fed Ex is fine.
Well, the return on the bet would be quite handsome -- IF YOU ARE
RIGHT. (I believe one can make such bets in England -- anyone know for
sure?) Given that laundering, say, $50,000 successfully would cost
almost nothing other than interest costs IF YOU ARE RIGHT, the return
of $10,000 on your interest costs IF YOU ARE RIGHT would be extremely
nice -- on the order of thousands of percent. IF YOU ARE RIGHT, of
course.
> The only problems I can see in doing this well is finding a source of
> futures prices.
I assure you that will be the least of your problems. You can get
prices all day long from most brokers, and if you knew anything at all
about the futures market (you must, since you've said so much about it
thus far) you'd know that you can set orders with your broker to be
triggered off by a particular price being crossed. You needn't watch
the market all day long.
> Oh, I wanted to point out one other fact about swapping tickets: It's
> illegal. But it is not clear that it is illegal to just place bets
> on both sides of the market.
Thats fine, but you can't successfully launder money using your
technique so its not suprising that its legal.
Perry