The banks and Renaissance claim that Renaissance is independent from the fund when it is acting as investment advisor to the banks.
If that is your definition of 'independence,' I would like to find a dictionary.
It gave direct access to the stock market. RenTec executed tens of millions of trades per year in Barclays' Palomino accounts.
Is the algorithm RenTec's proprietary strategy?
Did you know that RenTec--when you were told in this agreement--was represented to you that Mosel was not going to be making the decisions?
And that did not happen very often.
That is progress. That is year after year after year, right?
I was very concerned about the reputational risk of the bank.
More significantly, Renaissance is signing a deal with itself, and the company is such a shell that you, as an executive officer of RenTec, ...
And would you agree that the reason that they put that in there is to give the appearance that the activity is not Renaissance's but the ban...
That you two had agreed to.