Tuesday, January 29th, 2013

"Winner Winner Chicken Dinner"

"Is it any wonder that virtually all Wall Street 'professionals' are habituated sociopaths who lie for a living just to skim a few pennies (metaphorically speaking: make that millions of "other people's" dollars in the real world). And is it any wonder that all banks demand their inner workings never see the light of day so they can operate in absolute secrecy, and exchanges like the above, and 22 more, are never read by the public."
Would you like to be a fixed income trader? Well, that era is ending, but it was a good grift. (via)

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dialectric (#6,128)

Other stories on Litvak point out that he profited off of a scam involving the Troubled Asset Relief Program; this involvement with a government program may have been the trigger for the prosecution – if he had stuck with private assets and funds, he might have been able to carry on with the business as usual described in the linked article. In any case, today's computerized trading is worlds more open than the pre-1990s markets where all trades went through brokers.

scrooge (#2,697)

Reported in the press today that the CEO of Jefferies (Litvak's former employer) is to receive $58mm in its acquisition by Leucadia. (Leucadia, I seem to remember, has grown under the auspices of a pair of smart Wharton grads whose original fund was called OPM, for Other People's Money).

Why it should come as a surprise to anyone (let alone Tyler Durden) that bond guys lie to accounts about prices comes as a surprise to me. Pretty much everyone lies in price negotiations, not just Wall Streeters.

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