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Morgan Stanley Head Of Treasury Trading Busted For... Trading Treasurys While At Goldman
Perhaps there is a reason why Morgan Stanley is 'giving up' on its fixed income business. It seems, yet again Morgan Stanley has hired an ex-Goldman Sachs criminal opportunistic trader. Glenn Hadden, the very head of interest rate trading at Morgan Stanley, has been found guilty of engaging in trading that violated CME rules in Treasury futures on December 19th 2008 - while was employed by Goldman Sachs. While Goldman faces a $875,000 slap on the wrist, Hadden, somewhat remarkably will face a mere $80,000 fine and the wonderfully timed (given the summer doldrums) 10-day suspension from trading. Doing God's work wherever they trade... that'll teach him! And now, back to Glenn manipulating buying and selling the 10 Year.
Seems he was a seller...
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Did he trade COMEX futures too?
Only if the water main breaks.
Wait a minute... are you trying to tell me that the CME not only has rules, but enforceable ones at that?
Wonders never cease.
Always nice to put a face to the name.
" All i ever wanted in life is an unfair advantage "
Hank Greenberg AIG
Hey, maybe that's why President Obama keeps appointing those hedge fund guys?
James Comey: Work History
It may be important for any concerned citizens to familiarize themselves with the background of that neocon of neocons, President Obama's choice for the next FBI direct (guess Dick Cheney turned him down, huh?), James Comey.
James Comey interned and worked for Bush-Walker member, Judge John Walker.
James Comey was employed with the uber-neocon shyster firm, Gibson, Dunn and Crutcher (remember that firm who litigated for the Bush presidential campaign before the US Supreme Court, helping to steal the 2000 election --- remember that firm which litigated before the US Supreme Court on behalf of Citizens United?).
James Comey was the Deputy Attorney General under Alberto Gonsales during Bush's first four years, where he did the most damage. Comey went after the likes of Martha Stewart and Barry Bonds, and was responsible for appointing Patrick Fitzgerald, who would fail at nailing the two individuals most guilty of outing Valerie Plame and her Brewster Jennings operation, Marc Grossman (Bush family inner circle dood from Texas, who would later be appointed to a high State Department position by Secretary of State, Hillary Clinton) and Richard Armitage, but instead indicted the insignificant Scooter Libby!
[Sidebar: For those unfamiliar with the real facts, but the pathetic and uninformative CBS/Fox/CNN blather, when Brewster Jennings' counter-WMD-proliferation intercepted VX gas which was being smuggled across the Turkish border to Irag after Bush's invasion of the that country (apparently to prove the Iraqis actually possessed a weapon-of-mass-destruction), their investigation (I think it was led by Valerie Plame) tracked the origin of the gas back to America, and was getting closer and closer to the Pentagon. By outing Valerie Plame's CIA covert status, and thereby compromising and shutting down the Brewster Jennings operation, the investigation was halted!]
James Comey, after his stint with the Bush administation, then worked for Lockheed Martin briefly, leaving to join the world's largest hedge fund, Bridgewater Associates.
James Comey was also a director at HSBC Holdings, you may recall HSBC was involved in trillions of dollars of money laundering for the drug cartels, so hopefully Comey is an expert on the criminal side of money laundering?
Yet another hedge fund guy President Obama has appointed; hip hip hurray?
In the past, it has turned out that all these hedge fund financial geniuses exalted in the subsidized CorporateMedia were involved in rigging the markets and/or insider trading, and while I don't know any details of Bridgewater Associates, it is telling that they had former high-ranking members of the Bush administration among their ranks (recall John Paulson's hedge fund rigging with Goldman Sachs --- the Abacus CDO, etc. --- and that Paulson hired Allen Greenspan, former chairman of the Federal Reserve):
(From a puff piece on Bridgewater Associates in The New Yorker:)
http://www.newyorker.com/reporting/2011/07/25/110725fa_fact_cassidy?currentPage=2
The next item on Dalio’s agenda was a meeting with his two co-chief executives: Jensen and David McCormick, a former senior official in the Treasury Department under George W. Bush.
http://www.newyorker.com/reporting/2011/07/25/110725fa_fact_cassidy?currentPage=3
Another new member of Bridgewater’s management committee is James Comey, the firm’s top lawyer, who served as Deputy Attorney General in the Bush Administration between 2003 and 2005.
. . .
He (James Comey, that is -- s_d) was tired of corporate politics and craved a setting where people spoke truth to power, but, he said, it took him a while to get used to dealing with Dalio.
[s_d note: Speaking truth to power in the world's largest hedge fund? What a load of bullcrapt that is!]
A sterling work history for the next FBI director, no doubt? ? ? ?
And another more realistic blog post on hedge funds:
http://www.nomiprins.com/thoughts/2013/5/28/making-a-million-an-hour-means-never-having-to-say-youre-sor.html
there are no viable counter-measures to thwart the largest criminal enterprise ever undertaken by mankind. <USA>The only hope is that they succeed in burning down the entire edifice themselves which it appears they are well on their way to doing. So IMHO it's not really necessary for us the common folk to risk open and active revolt. Tanks against guns won't win anyway. Just wait and watch, keep the kids safe and fed, prepare as well as you can and whatever you do, don't forget the popcorn. This is gonna blow, just don't get hit, pick yourself up after and get to work not letting these fuckers do it all over again.
Fixed? The whole friggin casino is fixed!!
Serenity Now! - George Costanza
The June POMO schedule comes out in 32 minutes for the masses.
It lools like as this market backs off treasuries get bid. If they are willing to trade a 10% correction they can probably get back to 1.80%.
edit: Whoops!
2.20% on the 10yr as the market katankers.
look the fuck out.
So what did he actually do? I'm all for piling on a banker scumbag, but it would be nice to have some details of the misdeeds first.
just another day at the office. nothing to see here.
Goldman Sux ROI ...hmmmm fined 800000, made billions...
Seems doing G-ds Work(tm) is charitable to those on the receiving end..
"I sentence you and your past employer with years and years of laughable penalties!... Now get out there and stop getting caught!!!"
I just came to the realization absolutely no one really understands just how fucked up the bond market really is.
OMG LOL!! this is going to be good.
That's just the stuff we know about.
buzz they are going for the stock knockdown to get those yeilds down eh?
10% correction?
20%?
imo a 50% stock correction over the next twenty years is guaranteed. lots of ups and downs in between. the question i would ask is not whether the stock knockdown was to prop bonds but rather that the stock runup was to coax people out of bonds then pull the rug out. over and over the old pump and dump is still a gem.
10 YEAR IS SIGNALING SOMETHN
I do not know what though - now they say steeper courve is good for financials and XLF really was very strong
what the hell? anything is good for rally
"now they say steeper courve is good for financials and XLF really was very strong"
bullfuckinshit
They always have a story, don't they?
Losing control of your own Treasury bill market: It's not just for the Japanese any more!
Five years after the fact and no jail time.
The perpetual Wall Street "Get out of jail free" card.
Goldman makes billions on jiggered trading and Haden's bonuses are probably in the millions over five years - but pocket change fines and no criminal prosecution is going to change behavior?
Like the Parent who takes away one cookie out of four dozen with no time-out for the brat that raided the entire cookie jar; "That'll teach 'em!".
Fucking joke.
Funny how the japanese throw a hissy-fit and defend their JGB as it climbs 50 bps.
Over here in bizarro-bernanke-loser-land, our treasuries climb almost 62 bps and...nothing...as long as the sacred equities stay high.
Really don't get this nuthead central banker. Didn't he gouge us by saying that the purpose of QE was to "bring down the cost of housing".
His goal is to be unintelligible enough in order that the entire herd doesn't front run him.
As always, it's all about managing expectations, as well as managing expectations of expectations.
Sometimes, they even try to manage expectations of expectations of expectations. But rarely are they smart enough to pull it off. So, if you encounter it, there's usually a head-fake somewhere in the mix.
Which is why you need to know their secret hand-signals.
There are rules?
for you, yes
Cash people....I hope everyone is awake and alert right now.
I am Fonz, and I keep pinchin myself. I can't believe this.
These guys should be painting houses with Jimmy Carter.
He'll get a slap on the wrist, collect his 9% raise and his cash bonus in a envelope.
It's good to know the criminals have moved on to larger profits and criminal endeavors.
See, crime does pay if your too big to prosecute.
Total, absolute, complete, irreversible, criminality.
So let's get back to talking about what really matters in America - what it is that you'll find people talking about and gathering as much information as possible: The latest dish on Kim's pregnancy, Justin's reckless driving, who will be the judges on Idol, and can a 44-year old actress really look that hot in her panties while pole dancing??
-30-
Does he have a PhD in "Economics" too?
Looks like a good choice to head the FED or the IRS!
Does his suspension include use of the Goldman Hampton mansion and hookers or just his own hampton mansion and normal strippers? TEN DAYS is this some kind of sick joke?
You gotta cheat while the cheating is good.
let me guess, 'busted' = slap on the wrist and 10% of said gains fine?
Being busted is that experience edge over the other potential hirees. He's not a fresh fish and knows how to act when pinched. It is payoff for not being a rat.
Is there any disclosure as to how much profit either the trader or GS booked for this? My guess... many multiples of the fine.
Most managers just have an inbox and an outbox on their desk. Wall Street managers have a third very large box dedicated to lawsuits, indictments, and subpoenas.
If you’re really high up the chain of command they assign you a personal secretary to watch your back who was previously a top ranked defense attorney.
Silly rabbit, rules are for muppets.
Glenn Hadden Genn Hubbard Mother Hubbard Bare cupboard - The only one with personal accountability for the bearings on her moral compass is old Mother Hubbard, and the state of her cupboard is not that of Glenn Hubbard's - nor Glenn Hadden's. What is this telling us?!! Well asked and answered as is said. This country's stratum of so called leaders is chock full of individuals with no - ZERO - moral compass.