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Wall Street Trader: "My Lying Is Part Of Making Deals Although I Generally Consider Myself A Truthful Person"

Tyler Durden's picture




 

The story of former Jefferies MBS trader Jesse Litvak, who is currently on trial in New Haven federal court accused of defrauding investors of $2 million by lying on trades of mortgage-backed securities, is well known to regular readers: it was summarized previously in "We Are Doneski Gorgeous!" - How Bond Trading On Wall Street Really Works. In that article we showed, more than just an isolated case of alleged fraud, that when it comes to OTC trades which do not transact on an exchange but instead take place over the phone between a salesman and a buyer, it is all a game of lies, fraud and misinformation... however one which both it is a game of lies, fraud and misinformation. Today, Mr. Litvak confirmed as much when he said, quoting Bloomberg,  "My lying is part” of making deals, he said, “although I generally consider myself a truthful person."

And that, in a nutshell is not only Wall Street, but how Wall Street perceives itself: a business in which "truthful people" must resort to lying - even if that means being sued for fraud - to make a living.

More on this story from Bloomberg:

Litvak, 39, is on trial in New Haven federal court accused of defrauding investors of $2 million by lying on trades of mortgage-backed securities. He’s the only person charged with fraud in connection with an initiative to distribute more than $20 billion from the Troubled Asset Relief Program, which the U.S. government created during the 2008 credit crisis to help bail out banks.

 

Joel Wollman, a portfolio manager with QVT Financial LP, testified yesterday that he told Litvak that his firm’s limit for a bond purchase was 57 cents on the dollar because anything more than that wouldn’t provide a 10 percent yield.

 

Under cross-examination from John Hillebrecht, one of Litvak’s attorneys, Wollman admitted he told another broker that he’d get a 10 percent yield at 58 cents on the dollar, and that he wasn’t telling the whole truth to Litvak. The charges against Litvak include claiming that a third party was selling the bonds when Jefferies was the actual holder.

 

“Volunteering information would not give me an edge, keeping information would give me an edge,” Wollman said.

 

You want the other guy to believe something that may not be entirely accurate,” Smith asked Lemin, Magnetar’s assets manager. “Isn’t that the case?”

 

“It is one of the strategies,” Lemin said. “For what I do in mortgages, it is appropriate to use skepticism.” The perception that the other side either withholds information or tells falsehoods “is exactly why I don’t say, ‘How high?’ when they tell me to jump,” Lemin said.

One can only hope that retail consumers, or what little is left of them, will do the same and use "skepticism" in following the rest of the herd right over the cliff as the second dot com bubble, one which has now engulfed the entire market, finally bursts.

 

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Tue, 02/25/2014 - 12:16 | 4475537 HyBrasilian
HyBrasilian's picture

So many Muppets ~ So little time!

Tue, 02/25/2014 - 12:18 | 4475553 NotApplicable
NotApplicable's picture

A.K.A. "Serious Business."

Tue, 02/25/2014 - 12:22 | 4475578 pods
pods's picture

This guy couldn't carry the shinebox of the guy who shines Corzine's shoes.

$2 million?  Really?  

Oh well, sleep with dogs, get some sticky stuff on your pantleg. Or something to that effect.

pods

Tue, 02/25/2014 - 12:33 | 4475639 Herd Redirectio...
Herd Redirection Committee's picture

I also "generally consider myself truthful".

Say what?  From Honest Abe to this?

Tue, 02/25/2014 - 12:38 | 4475660 Divided States ...
Divided States of America's picture

Any moron should know lying is rampant on Wall Street...if something is a sure thing that guarantees you 20% return for life...then why the fuck are these phonies selling it to you and not taking it for themselves.

If you let these snakes take advantage of you, then you probably still think WWE is the real deal.

Tue, 02/25/2014 - 12:41 | 4475685 DavrosoftheDaleks
DavrosoftheDaleks's picture

Superstar Billy Graham was the real deal:

https://www.youtube.com/watch?v=cMgjtZWY9u8

Tue, 02/25/2014 - 12:43 | 4475699 TeamDepends
TeamDepends's picture

I'll tell you the truth, but I sometimes lie.

Tue, 02/25/2014 - 12:48 | 4475725 dontgoforit
dontgoforit's picture

BHO considers himself a truthful person too.  You can keep your debt (here, let me give you another helping.  There.)

Tue, 02/25/2014 - 13:06 | 4475820 mayhem_korner
mayhem_korner's picture

 

 

Friends, Romans, countrymen, lend me your ears...

...So are they all, all honourable men.

Mark Antony, Julius Caesar

Tue, 02/25/2014 - 13:29 | 4476024 NoDebt
NoDebt's picture

Shakespeare?  No, man.  Caddyshack:

Smails: Good, good. You know, despite what happened, I'm still convinced that you have many fine qualities. I think you can still become a gentleman someday if you understand and abide by the rules of decent society. There's a lot of...well, badness in the world today. I see it in court every day. I've sentenced boys younger than you to the gas chamber. I didn't want to do it- I felt I owed it to them. The most important decision you can make right now is what you stand for- goodness...or badness.
Danny: Now I know I've made some mistakes in the past. I'm willing to make up for that. I want to be good!
Smails: Very good! I know how hard it is for young people today and I want to help. Just ask my grandson, Spaulding. He and I are regular pals. Are you my pal..."Mr. Scholarship Winner"?
Danny: Yes, sir! I'm your pal!
Smails[ruffles Danny's hair] How about a Fresca?
Tue, 02/25/2014 - 13:00 | 4475736 Emergency Ward
Emergency Ward's picture

****  Our past performance graph is modeled on the S&P Index return over the last year and not on the actual return of the holdings in our portfolio.

Tue, 02/25/2014 - 13:53 | 4476232 akarc
akarc's picture

" you probably still think WWE is the real deal."

You mean it isn't?

Tue, 02/25/2014 - 14:14 | 4476379 Chupacabra-322
Chupacabra-322's picture

Me grabbing you by the neck, dragging you into the street & visciously beating you to death will make the world a better place. Although, I consider myself to be a peaceful person.

Tue, 02/25/2014 - 14:42 | 4476546 akarc
akarc's picture

Upped ya fer funny

Tue, 02/25/2014 - 15:29 | 4476786 sgt_doom
sgt_doom's picture

A crucial point:  one of the first actions President Roosevelt took after his election to the White House was to put forth the Truth in Securities Act criminalizing lying, while during the Clinton Administration (and Clinton did veto this, but the House overrode his veto) the Private Securities Litigation Reform Act was passed, providing immunity from prosecution to lying attorneys, accountants, and I believe also derivatives dealers.

At least Clinton got one thing right, not that it mattered in the end.

Tue, 02/25/2014 - 12:24 | 4475596 unrulian
unrulian's picture

he's just being honest

Tue, 02/25/2014 - 12:51 | 4475745 Divided States ...
Divided States of America's picture

Yeah, I am a greedy bastard so instead of taking your money straight from your hands, I give you worthless junk for it.

Tue, 02/25/2014 - 13:01 | 4475789 Drifter
Drifter's picture

When the going gets tough, lie.  It doesn't have to get very "tough" either.  People lie when it's merely convenient to lie.

Most Americans are that way.  Another reason America isn't worth saving.

Tue, 02/25/2014 - 13:15 | 4475910 TheFourthStooge-ing
TheFourthStooge-ing's picture

He's lying through his fucking teeth.

Tue, 02/25/2014 - 12:32 | 4475637 Bokkenrijder
Bokkenrijder's picture

Come on, now don't act like this is NEWS! The same goes for 2nd hand car salesmen, real estate agents etc etc.

Tue, 02/25/2014 - 12:33 | 4475643 Richard Chesler
Richard Chesler's picture

...and presidents.

 

Tue, 02/25/2014 - 12:23 | 4475587 Alpo for Granny
Alpo for Granny's picture

You can't make a Hampton omelet without first breaking some muppet eggs.

Tue, 02/25/2014 - 12:26 | 4475607 RaymondKHessel
RaymondKHessel's picture

Guys like these ~ They Do Grow On Trees!

Tue, 02/25/2014 - 14:39 | 4476213 akarc
akarc's picture

and  seed the land across America spreading kudzu

Tue, 02/25/2014 - 13:06 | 4475821 doctor10
doctor10's picture

Is there such a thing as sociopsychopath? Or a psychosociopath? Is one merely a politican, and the other a banker? Or is it vice-versa?

 

Inquring minds would like to know

Tue, 02/25/2014 - 12:16 | 4475539 JLee2027
JLee2027's picture

The corrupt are always moral in their own minds.

Tue, 02/25/2014 - 12:22 | 4475579 NotApplicable
NotApplicable's picture

It amazes me how few realize this. Instead they choose to equate Hitler with the persona of "Dr. Evil" rather than the fact that he was "do-gooder" of the nth degree.

Tue, 02/25/2014 - 13:48 | 4476192 akarc
akarc's picture

Liar

Tue, 02/25/2014 - 12:37 | 4475662 asteroids
asteroids's picture

The BLS, FED, Obozo, military, etc... all believe that lying to the muppets is ok don't and don't think its wrong. Man, how evil. The devil is laughing at the hell we are creating for ourselves.

Tue, 02/25/2014 - 14:00 | 4476280 Carbon Beach
Carbon Beach's picture

The projected truth is a matter of perception based on margin.

Tue, 02/25/2014 - 12:18 | 4475548 CaptainSpaulding
CaptainSpaulding's picture

Hmmmmm

Tue, 02/25/2014 - 12:18 | 4475552 chaartist
chaartist's picture

really surprising..

Tue, 02/25/2014 - 12:19 | 4475557 TruthInSunshine
TruthInSunshine's picture

"I lie to my clients on a daily basis, essentially stealing from them & their families for my excess gain during the regular course of my employment, but I am an honorable person. Shalom out!"

Tue, 02/25/2014 - 12:20 | 4475566 Max Damage
Max Damage's picture

No nail guns near the twat then?

Tue, 02/25/2014 - 12:21 | 4475569 jcaz
jcaz's picture

LOL- arguing over a penny-  whether it was 57 or 58 cents, it was a shit deal, both sides knew it... 

Still, going to jail for something so minor is pretty amusing-  until the 6 months suspended sentence hits-

It's all just big show, as usual....

Tue, 02/25/2014 - 17:00 | 4477194 FrankDrakman
FrankDrakman's picture

On $250 million of MBS, 1 cent is $2.5 million. May be chump change to you, but not to me.

Tue, 02/25/2014 - 12:22 | 4475570 Colonel Klink
Colonel Klink's picture

It's ok, everyone he was ripping off wasn't part of the club.

Tue, 02/25/2014 - 12:43 | 4475642 TruthInSunshine
TruthInSunshine's picture

They rip each other off like you literally wouldn't believe. Just...trust me on this.
- I've seen it many times, it always plays out the same ugly way, and I've seen 7 and even 8 digit losses accrue to individuals who were co members of the same tribes, whether Jews, Italians or Macedonians.

These sociopaths, who may be of any race or religion (truly) enjoy kicking people when they're most down, too.

As a famous example, probably 50% (and probably more like 75%) of Madoff's victims were fellow Jews, including Synagogues, Universities (Yeshiva) and charities.

WHEN MONEY IS ONE'S TRUE GOD/RELIGION

WORSHIP OF GOLDEN CALVES

LIKE THAT

Tue, 02/25/2014 - 12:46 | 4475717 Colonel Klink
Colonel Klink's picture

Nothing changes until you start lopping of heads!

Tue, 02/25/2014 - 12:21 | 4475573 LordAarioc
LordAarioc's picture

Lying through their teeth day in day out to a tune of 2 million. Forked Tongue yet like a snake ?

Tue, 02/25/2014 - 12:22 | 4475580 the not so migh...
the not so mighty maximiza's picture

enough of the low level fucks, let get the big guys

Tue, 02/25/2014 - 12:59 | 4475790 Emergency Ward
Emergency Ward's picture

Free Jon Corzine !

Tue, 02/25/2014 - 13:45 | 4476165 akarc
akarc's picture

And then do we go after ourselves? Before? After? Cause until we do we change nothing.

Tue, 02/25/2014 - 12:24 | 4475581 Dr. Engali
Dr. Engali's picture

"When it becomes serious you have to lie."

 

Juncker~

 

It's embedded in the system.

Tue, 02/25/2014 - 12:41 | 4475684 SDShack
SDShack's picture

It goes deeper then that. It's embedded in sociopaths's DNA.

Tue, 02/25/2014 - 12:22 | 4475583 zipit
zipit's picture

How many guys have to confess that the business of Wall Street IS lying before people believe him.  What would Spock say?

Tue, 02/25/2014 - 12:23 | 4475586 drendebe10
drendebe10's picture

"truthful person". Just like yhe arrogant narcissistic illegal alien kenyan muslim liar in chief sciopath.

Tue, 02/25/2014 - 12:28 | 4475612 gmrpeabody
gmrpeabody's picture

Just what are you implying...?

;-)

Tue, 02/25/2014 - 13:43 | 4476146 akarc
akarc's picture

"Just like yhe arrogant narcissistic illegal alien kenyan muslim liar in chief sciopath."

Liar

Tue, 02/25/2014 - 12:24 | 4475597 Seasmoke
Seasmoke's picture

If you ain't lying, you ain't trying.  

Tue, 02/25/2014 - 12:53 | 4475762 dontgoforit
dontgoforit's picture

Kind of like being a politician.  If you aren't ready to lie for what you believe in, what good is it?

Tue, 02/25/2014 - 12:25 | 4475603 Kirk2NCC1701
Kirk2NCC1701's picture

IOW, "I'm not a liar.  I'm just a good bullshitter when it matters.  Hey, it's the American way!"

As philosopher Carlin commented on Bullshit: http://www.youtube.com/watch?v=r7LvUDCcNss

Tue, 02/25/2014 - 12:26 | 4475605 taketheredpill
taketheredpill's picture

 

Still remember my first day on a buy-side trading desk.  Sales guy made an offer and I said I needed to check the price.  Sales guy said "ok, but I've got another guy who's probably going to buy them first".

I shouted to Portfolio manager, "he says there's another guy who's going to buy them if I don't hurry up!".

PM almost pissed his pants laughing at me...

 

Tue, 02/25/2014 - 12:43 | 4475701 mayhem_korner
mayhem_korner's picture

 

 

Hurry.  Limited time.  Sale ends soon.  Don't wait.  Never a better deal.  Lowest prices of the season.  BOGO.  Supplies won't last. 

Falsifying urgency is the oldest marketing trick there is.  And it works because the light-minded don't get that the sale price IS the price.

Tue, 02/25/2014 - 12:55 | 4475765 TruthInSunshine
TruthInSunshine's picture

"Quality, value, style, service, selection, convenience
Economy, savings, performance, experience, hospitality
Low rates, friendly service, name brands, easy terms
Affordable prices, money-back guarantee.

Free installation, free admission, free appraisal, free alterations,
Free delivery, free estimates, free home trial, and free parking.

No cash? No problem! No kidding! No fuss, no muss,
No risk, no obligation, no red tape, no down payment,
No entry fee, no hidden charges, no purchase necessary,
No one will call on you, no payments or interest till September.

Limited time only, though, so act now, order today, send no money,
Offer good while supplies last, two to a customer, each item sold separately,
Batteries not included, mileage may vary, all sales are final,
Allow six weeks for delivery, some items not available,
Some assembly required, some restrictions may apply.

So come on in for a free demonstration and a free consultation
with our friendly, professional staff. Our experienced and
knowledgeable sales representatives will help you make a
selection that's just right for you and just right for your budget.

And say, don't forget to pick up your free gift: a classic deluxe
custom designer luxury prestige high-quality premium select
gourmet pocket pencil sharpener. Yours for the asking,
no purchase necessary. It's our way of saying thank you.

And if you act now, we'll include an extra added free complimentary
bonus gift at no cost to you: a classic deluxe custom designer
luxury prestige high-quality premium select gourmet combination
key ring, magnifying glass, and garden hose, in a genuine
imitation leather-style carrying case with authentic vinyl trim.
Yours for the asking, no purchase necessary. It's our way of
saying thank you.

Actually, it's our way of saying 'Bend over just a little farther
so we can stick this big advertising dick up your ass a little bit
deeper, a little bit deeper, a little bit DEEPER, you miserable
no-good dumbass fucking consumer!'"

-- George Carlin on advertising & marketing

http://artists.letssingit.com/george-carlin-lyrics-advertising-lullaby-f...

Tue, 02/25/2014 - 21:51 | 4478436 StychoKiller
Tue, 02/25/2014 - 13:41 | 4476130 akarc
akarc's picture

"sale price IS the price."

Correct, if it isn't on sale at one furniture company it is at another. Limber liquadators = perpetual sale

Tue, 02/25/2014 - 12:53 | 4475763 pies_lancuchowy
pies_lancuchowy's picture

I use it all the time , on a daily basis..  and sometimes (rarely) it works !

Tue, 02/25/2014 - 12:27 | 4475611 ZH Snob
ZH Snob's picture

when everyone else around you is doing the same immoral thing and there is no immediate condemnation it is easy for one to consider it OK.

Tue, 02/25/2014 - 12:58 | 4475786 dontgoforit
dontgoforit's picture

This is why mom & dad and teacher and pastor/priest/rabbi are so important.  But for some the message never quite gets through.  Honesty is it's own reward.  Integrity is as precious as a newborn child. 

Tue, 02/25/2014 - 13:39 | 4476108 akarc
akarc's picture

"This is why mom & dad and teacher and pastor/priest/rabbi are so important."

Or were at one time. 

Tue, 02/25/2014 - 17:01 | 4477199 waterhorse
waterhorse's picture

Agree on mom, dad, teachers.  Religious indoctrination, not so much.

Tue, 02/25/2014 - 12:28 | 4475615 GIABO
GIABO's picture

Banker meet nailgun, nailgun meet banker.

Tue, 02/25/2014 - 13:31 | 4476034 akarc
akarc's picture

meet "V"

Tue, 02/25/2014 - 12:29 | 4475620 pies_lancuchowy
pies_lancuchowy's picture

when they tell you to jump, you ask : 'from which floor' !

Tue, 02/25/2014 - 12:32 | 4475635 RockRiver
RockRiver's picture

Why is this news? Your average used car salseman does this many times a day.....

 

At best, they might not lie to you but they might forget to tell you something important.

Tue, 02/25/2014 - 12:37 | 4475666 Emergency Ward
Emergency Ward's picture

The salesmen on the used-car lots where I bought my last two flivers were paragons of honesty compared to these ripoff artists.

Tue, 02/25/2014 - 12:41 | 4475686 TruthInSunshine
TruthInSunshine's picture

"At best, they might not lie to you but they might forget to tell you something important..."

aka The very material, significant, glaring omission.

aka A lie/misstatement by another form.

Tue, 02/25/2014 - 12:54 | 4475764 Toolshed
Toolshed's picture

Who do you work for? The fed? jpm? gs? You obviously have an agenda. Scum.

Tue, 02/25/2014 - 13:28 | 4476009 akarc
akarc's picture

A lie by omission is still a lie. We all do it.

Tue, 02/25/2014 - 16:55 | 4477173 waterhorse
waterhorse's picture

True about used car salesmen and realturds.  But it's news because this little fraudster forgot to pay someone off and that someone is now flaunting what happens to itty bitty banksters who forgot to pay off the kahuna banksters.

Tue, 02/25/2014 - 12:33 | 4475636 yogibear
yogibear's picture

"Doing god's work." Same one as Lloyd's. The god with the pentagon as the symbol.

Tue, 02/25/2014 - 12:35 | 4475654 mayhem_korner
mayhem_korner's picture

 

 

Now the serpent was more crafty than any beast of the field...The serpent said “You surely will not die! For God knows that in the day you eat from it your eyes will be opened, and you will be like God, knowing good and evil. (Gen 3)

Tue, 02/25/2014 - 13:27 | 4475998 akarc
akarc's picture

Both the serpent and God overestimated people. Having forgiven us, God has moved on.

Tue, 02/25/2014 - 12:40 | 4475682 dbTX
dbTX's picture

The Feds finally found a NOT TBTJail to hang something on, way to go.

Tue, 02/25/2014 - 12:48 | 4475726 SofaPapa
SofaPapa's picture

The people working in this environment no longer honestly know what the truth is.  The irony is that he lies to someone who then passes another lie on to someone else, and in the end, it's all a big game of telephone, but where there was never a true statement, even at the beginning of the line.  As long as free money is being pumped, this can continue.  If there is ever a limited supply, however, this is why things crash.  Literally no one knows what anyone has.  All they know is lies.  Pathetic, really.

Tue, 02/25/2014 - 13:24 | 4475969 akarc
akarc's picture

"The people working in this environment no longer honestly know what the truth is."

The people in the U.S. no longer no what the truth is. Nor do they care.

Tue, 02/25/2014 - 13:42 | 4476138 Miffed Microbio...
Miffed Microbiologist's picture

Some do akarc and the burden is heavier for us. Consciousness demands true choice thus judgement. Will I remain faithful to truth if this means suffering or death? Will I truly have the moral caliber and fortitude to not succumb to threats? Will primal fear overcome my resolve and will I then come to realize all I thought of myself was truly a sham? Willful ignorance is blissful. I will be judged deservedly and bear the pressure many do not.

Miffed;-)

Tue, 02/25/2014 - 14:49 | 4476502 akarc
akarc's picture

"Nor do they care." Admit words not well chosen.

For SofaPappa:

"I find it very difficult to determine much of the time what is real from the masses of lies that now permeate our environment.  This is very dangerous."

Agreed suspect that many who do not care maybe at one time did. It now takes more time to put food on the table as well as more time to actually seek out the truth. Mind numbing for many who I know anyway who have given up taking the stance, "I just want to left alone" (From some who were very active in the past).  I have heard the refrain from people who come home mind numbed from work desiring nothing more than flipping on the tv with the expressed desire to watch something stupid.  I suspect this is not what was in miind when freedom of the press was mentioned.

Miffed:

So well said. Turning on and dropping out was not the panacea I had hoped for. Forced to tune back in and face myself daily. Trust me, if I make a generalization I generally include myself.

Tue, 02/25/2014 - 15:37 | 4476816 Miffed Microbio...
Miffed Microbiologist's picture

Welcome to The Road Less Travelled. Very lonely at times but when one encounters a fellow pilgrim on this path, it makes the journey more palatable. ;-)

Miffed;-)

Tue, 02/25/2014 - 14:00 | 4476254 SofaPapa
SofaPapa's picture

As a person in the U.S. I have to agree with you that i no longer know what the truth is.  I do, however, care.  In fact, one of the things that upsets me most about our current situation is that even though I am doing all I know how to do to stay informed, through viewing a variety of sources of information, both mainstream and alternative, I find it very difficult to determine much of the time what is real from the masses of lies that now permeate our environment.  This is very dangerous.  The founders of this country assumed at least some portion of the citizenry would be informed.  The current media space is making this a nearly impossible task.  Scary.  We now have fertile ground for totalitarianism.

Tue, 02/25/2014 - 13:05 | 4475815 FilthyHabits
FilthyHabits's picture

Question still remains, if I hired a male pornstar with aids and they bent him over a couch and fucked him in the ass for an hour straight; Would he lie about it?

Tue, 02/25/2014 - 13:05 | 4475816 Spungo
Spungo's picture

A guy selling something is not completely honest. News at 11.

Tue, 02/25/2014 - 13:17 | 4475925 Shizzmoney
Shizzmoney's picture

Anyone who does any business with Wall St at this current moment....deserves to lose every single dollar they put in.

The only way to win in a rigged game is to NOT play

Tue, 02/25/2014 - 13:21 | 4475953 akarc
akarc's picture

 "My lying is part” of making deals, he said, “although I generally consider myself a truthful person."

Hmmmm, I just have to wonder how that statement applies to most of us in one way or another. Not to mention those sworn to uphold the the constitution.

We must first hold ourselves accountable. Then storm the freaking gates of hell.


Tue, 02/25/2014 - 13:30 | 4476001 Joebloinvestor
Joebloinvestor's picture

That is how I blew the shit out of my LD hookup.

The guy asked,"Do you lie?"

I told him," I want to get laid", my wife says,"do I look fat?"

I tell her," You look great".

Tester had a conniption.

I consider myself a truthful person, but I also have an agenda.

Tue, 02/25/2014 - 13:28 | 4476002 mendigo
mendigo's picture

And this is news why?

 

I think some posters exist to bury other more significant posts - its a conspiracy

 

Tue, 02/25/2014 - 13:46 | 4476170 22winmag
22winmag's picture

Fraud isn't part of the system, it is the system.

 

- Max Keiser, Zeitgeist Moving Forward

Tue, 02/25/2014 - 13:51 | 4476214 pupdog1
pupdog1's picture

A sociopath can justify any action without remorse.

 

By definition.

Tue, 02/25/2014 - 13:52 | 4476223 pupdog1
pupdog1's picture

Hey Jesse, ever see the view from the 48th floor?

C'mon buddy--tons of hookers and blow up there!

Tue, 02/25/2014 - 13:55 | 4476242 akarc
akarc's picture

Buy Bitcoin

Tue, 02/25/2014 - 13:57 | 4476255 Spungo
Spungo's picture

"Is there such a thing as sociopsychopath? Or a psychosociopath? Is one merely a politican, and the other a banker? Or is it vice-versa?"

Sociopath and psychopath are the same thing. Much like the word retard, the term psychopath fell out of favor because there is a big difference between what it means and what people think it means. Psychopath doesn't mean serial killer. A psychopath is someone who has little or no empathy; a religious person would say a psychopath has no soul. They're intraspecies predators. They really don't care about you, me, or anyone. They'll sell a junk car to a single mom who desperately needs reliable transportation so she can work and feed her kids. Psychopaths make very good sales people because they do not feel guilt after screwing people with things like extended warranties. Psychopaths do not lose sleep over tough decisions. They are cold and calculating. Psychopaths rise to positions of power because they're a lot better at stabbing people in the back and then lying about it. The total lack of human emotion makes psychopaths master manipulators. You can't tell when they're lying. They can pass lie detector tests very easily because their pulse does not increase, their blood pressure does not increase, and they do not sweat when lying. People tend to like psychopaths because they appear to be honest and loving, but it's really just an act. What makes a psychopath so dangerous is how they can convince people to trust them. 

Tue, 02/25/2014 - 14:19 | 4476398 akarc
akarc's picture

And then they hire Borderline personality disorders as customer service representatives

Tue, 02/25/2014 - 15:53 | 4476899 dizzyfingers
dizzyfingers's picture

Step up to this noose, sir!

Tue, 02/25/2014 - 16:51 | 4477148 waterhorse
waterhorse's picture

"Litvak, 39, is on trial in New Haven federal court accused of defrauding investors of $2 million by lying on trades of mortgage-backed securities. He’s the only person charged with fraud in connection with an initiative to distribute more than $20 billion from the Troubled Asset Relief Program, which the U.S. government created during the 2008 credit crisis to help bail out banks."

 

Too Little To Avoid Jail

Tue, 02/25/2014 - 17:16 | 4477270 Comte d'herblay
Comte d'herblay's picture

A measly $2MM???  

You can fill in the rest of it.  I'm tired of this penny ante shit getting headlines, when  the Jewish Mafia on Wall Street is given multitrillions for nothing and no one dares mention it.

Tue, 02/25/2014 - 23:54 | 4478856 Wahooo
Wahooo's picture

They'll take away his bagels and all will be forgiven.

Wed, 02/26/2014 - 18:57 | 4482388 da-show
da-show's picture

you were quoting the money manager on yhe stand, not mr litvak.....

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