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Deep Into The Lieborgate Rabbit Hole: The Swiss Hedge Fund Link?

Tyler Durden's picture


That Lieborgate is about to spill over and take down many more banks is well known: as previously reported that the world's biggest bank Deutsche Bank, has become a rat for the Liebor prosecution having turned sides. The reason: "Under the leniency programs of the EU, companies may get total immunity from fines or a reduction of fines which the anti-trust authorities would have otherwise imposed on them if they hand over evidence on anti-competitive agreements or those involved in a concerted practice." However, just like in the case of Barclays (with Diamond), JPM (with Bruno Iksil), UBS (with Kweku) and Goldman (with Fabrice Tourre), there always is a scapegoat. Today we find just who that scapegoat is. From Bloomberg: "Regulators are investigating the possible roles of Michael Zrihen at Credit Agricole, Didier Sander at HSBC and Christian Bittar at Deutsche Bank, the person said on condition of anonymity because the investigation is ongoing. The names of the banks and traders were reported earlier today by the Financial Times."

Of course, as so very often happens, the link between the investigated firm, and the person in question no longer exists - after all what better brute way to tie up loose ends, than to fire the person in question at some point in the past: "Michael Golden, a spokesman for Deutsche Bank, confirmed that Bittar left the bank last year and declined to comment on the investigation." Not surprising. Yet this is where the story gets interesting, and provides a whole new twist on the Lieborgate scandal.

Notice that up until now, the only firms that have been implicated in Lieborgate are, by definition, the BBA member banks which provided daily USD Libor fixings. However, nowhere is it said that this information never exited this close knit cabal of 16 manipulating banks. After all, there are $2 trillion in AUM (a number that is likely $5 trillion when accounting for all the rehypothecated assets at the Prime Brokers) out there run by unregulated hedge funds, and all of these entities would certainly find a way to make a pretty buck on even the tiniest 'manipulated', and leveraged Libor arbitrage. And would also pay a pretty penny to get that info. Which brings us back to Bittar. And LinkedIn.

Since neither Bloomberg, nor the earlier FT article have any discussion of just where Mr. Bittar ended up, knowing quite well there is very likely a full-scale investigation forming into his Libor transgressions. The first place we went to, naturally, was LinkedIn, not because we expected to find his profile there: very few higher echelon bankers actually post their resumes on LinkedIn, but because we were fairly confident that the very useful function of seeing whose other profiles had been looked at in the context of even a "fake" Bittar, would provide us with clues. Sure enough that's precisely what happened.

Sure enough, the first entry for the DB trader is the following:

Christian Bittar




    Greater New York City Area

Hardly the person we are looking for. Yet what we were looking for is right here: the follow up profiles of people that are contextually relevant, and correct. And again the context, at least superficially, is anyone connected to a person who allegedly has been involved in Libor manipulation.

We get some curious names:

Going down the list, it just gets curiouser and curiouser as we go deeper and deeper into the rabbit hole.

The first person:

  • philippe moryousse, Managing Director at Morgan Stanley

a cursory search reveals the following on philippe: From February

Barclays reported a suspected manipulation of the Euribor by one of its employees, Philippe Moryoussef, who left the bank in 2007 and is currently employed with Nomura Singapore.


Addressing the allegations, a Nomura spokesman said: “Nomura is aware of the investigation into the setting of Euribor and Libor rates. The allegations against Mr Moryoussef are related to a period of time before he joined Nomura. We would point out the fact that Nomura is not a member of either the Euribor panel or the Libor panel, and therefore has no role in the setting of these rates.”

And yet, as of literally 9 hours ago:

Philippe Moryoussef, a Singapore- based derivatives trader at Nomura Holdings Inc., (8604) Japan’s biggest brokerage, left the bank as investigators probe his involvement in the suspected manipulation of interest rates, according to two people with knowledge of the move.


Moryoussef’s departure last month was by mutual agreement and relates to his work at his past employer, Barclays Plc (BARC), rather than Nomura, said one of the people, who asked not to be identified because the departure hasn’t been made public. Moryoussef didn’t return messages sent via LinkedIn and wasn’t contactable through directory searches in Singapore and London.


Moryoussef joined Nomura in February 2011 after a yearlong stint at Morgan Stanley, according to the U.K. Financial Services Authority’s register. He worked at Edinburgh-based Royal Bank of Scotland Group Plc (RBS) from August 2007 to June 2009 and at London-based Barclays from May 2005 to August 2007.


FSA spokesman Chris Hamilton declined to comment on whether Moryoussef is under investigation as part of its probe. Officials at Barclays declined to comment on Moryoussef.

So immediately we get one indirect connection, at least based on others' curiosity, into a person who has just left once more after his past transgressions at Barclays back in 2007 have become evident. Something tells us Philippe is one of the anonymous gentlemen whose Champagne-reference laden emails have made the case against Barclays legendary. Oh and his previous stint at RBS is likely about to be exposed too.

But like we said this is not about banks, there are more interest fish to fry here. Namely pure-play buysiders. Which is why we continue down the list, until we find...

  • Michael Zrihen, Senior Portfolio Manager at Lombard Odier Asset Management, based in Geneva, Switzerland

What does Michael do, and what did he do before?

Current: Senior Portfolio Manager at Lombard Odier


Past: Head of the Euro Short term IRD Market Making and Proprietary Trading at Credit Agricole CIB
        Proprietary Trading, Executive Director at SGCIB
        Co-Head of Euro STIRD desk at SGCIB

IRD means Interest Rate Derivatives means, you guessed it, Lie-bor. And where is that name familiar from? Oh yes. First paragraph above:

Regulators are investigating the possible roles of Michael Zrihen at Credit Agricole, Didier Sander at HSBC and Christian Bittar at Deutsche Bank, the person said on condition of anonymity because the investigation is continuing. The names of the banks and traders were reported earlier by the Financial Times.

So allegedly Zrihen, who now works in Geneva (keep a note of this), manipualted Libor at CA, and is now at Lombard Odier - "Geneva's oldest firm of private bankers and one of the largest in Switzerland and Europe." There is no news on whether Zrihen has been let go by Lombard Odier. Yet.

Next, we continue down the list, until we reach.... Richard Fell:

Well lookee here: another former INTEREST RATE DERIVATIVES TRADER, which means that he likely is that as a PM at his current firm BlueCrest as well. And note also where BlueCrest is based: Geneva, Swizterland.

At this point we decide to do another search: one for Christian Bittar and BlueCrest, and guest what we find, courtesy of Derivatives Intelligence:

The original LinkedIn list continues (much to the likely chagrin of at least one SocGen trader and one more CA-CIB banker), but we have seen enough, and the pattern is forming: it appears that the bankers who were allegedly involved in Libor manipulation in some capacity in their previous lives working for banks, decided to quietly depart under mutually acceptable conditions and find new lives, still trading Libor and IR derivatives, in some of the best known, and even less regulated, Swiss hedge funds and private banks.

Our question then is the following: while much has been said about Lieborgate as being purely associated with the 16 BBA USD fixing member banks, just who else made money, and is the traditionally quiet and always under the radar Swiss financial community about to be exposed for having profits far more from Lieborgate than any of the BBA member banks?

Because if the stigmatized traders were accepted with open arms at various Swiss hedge funds, one would think there may, just may have been, some quid pro quo in the past (for those who have worked in the financial industry this needs no further explanation).

We eagerly await the answer, and perhaps the Swiss regulators to finally wake up to their own "pristeen" financial industry.


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Wed, 07/18/2012 - 20:42 | Link to Comment Precious
Precious's picture

Surely there will be something from Wikileaks shortly.  That would be justice for the British extradition of Assange to Switzerland.

Wed, 07/18/2012 - 20:44 | Link to Comment veyron
veyron's picture

Where is the wikileaks BAC release?

Wed, 07/18/2012 - 20:45 | Link to Comment Precious
Precious's picture

The release is in the condom that the Swiss prosecutors are holding.

Wed, 07/18/2012 - 21:36 | Link to Comment The They
The They's picture

BRAVO TYLER for doing some very interesting and cutting edge research!

This is why I read zerohedge!

Wed, 07/18/2012 - 21:48 | Link to Comment Dr. Engali
Dr. Engali's picture

That and it's the most insightful forum on the web.

Wed, 07/18/2012 - 22:12 | Link to Comment Skateboarder
Skateboarder's picture

Surely the Tylers have been trained by the very likes of Hercule Poirot. This is some rad sleuthing - I am impressed.

And trudat. ZH is definitely the best community of knowledgeable folk on the www. Love you guys. <3

Wed, 07/18/2012 - 22:33 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Just another day in the park for Zero Hedge, which puts the "conventional, respectable, main stream financial press" to shame, badly, yet again.

It began with the Goldman HFT scam, which the testosterone driven financial nerds of ZH broke wide open while the respectable Bloomberg, cnBSc & Wall Street Journal apparently didn't understand, and continues to this day.

Thu, 07/19/2012 - 00:19 | Link to Comment Dr Benway
Dr Benway's picture

Fifteen minutes of trawling social media sites, and ZH knows more than the regulators.



1) Banksters are poor at being gangsters and players, and leave ridiculous paper trails due to their arrogance.

2) Regulators are WWE referees, beards, accomplices whose function is to lend the con legitimacy.


This is just like the Mafia don that got caught through Facebook:

Thu, 07/19/2012 - 00:56 | Link to Comment AlaricBalth
AlaricBalth's picture

Bluecrest Capital sounds awfully familiar.

BlueCrest Capital Management was founded in London in 2000 by former JP Morgan proprietary traders Mike Platt and Bill Reeves (who is now retired) and is now officially headquartered in Guernsey with offices in Geneva, Singapore, New York and Boston as well as London.

Thu, 07/19/2012 - 01:08 | Link to Comment truthparency
truthparency's picture

A little bit of whois-hunting reveals a bunch of BlueCrest domains, funds, deals, corporations, personnel, etc. behind different web fronts, some of which claim to be unaffiliated with the others (despite site addresses in the same net block).  Looks like the rats have been busy.



Thu, 07/19/2012 - 06:47 | Link to Comment negative rates
negative rates's picture

I heard they wanted to back the Euro with chocolate and a couple other necessities.

Thu, 07/19/2012 - 01:07 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Clearly, being branded an "Alleged" thief does not make you un-hireable at a bank. In fact, it seemingly makes you more attractive.

i know a young man who is a pathological liar. Pathological is an understatement.

He has been employed by one bank after another in London, no issues, for a decade now.

They like their own kind, pilfering proclivities and all.



Wed, 07/18/2012 - 22:34 | Link to Comment Real Estate Geek
Real Estate Geek's picture

+1 Dr. E and TT.

You know what time it is?  It's time for me to make another donation to ZH and support the Tylers and their great work--God's work even (and Fuck You, Lloyd). So if you'll excuse me . . .

Wed, 07/18/2012 - 21:51 | Link to Comment AlaricBalth
AlaricBalth's picture

It is a known fact amid the prosecutorial community within the U.S. criminal justice system that white collar criminals are the easiest individuals to roll over and provide evidence against others. They are more than willing to "cut a deal" to save themselves from more severe punishment and will throw anyone and everyone under the bus, even if someone only played a peripheral role in the alleged activity. Within the Federal prison system, white collar felons are the least trusted among inmates.

And therein lies one of the main reasons why we have seen minimal arrests despite the myriad of scandals and fraudulent behavior over the last decade. Once you open the floodgates, the allegations are going to come pouring out and there is no telling how high the water will rise. This is very frightening to those in power.

Wed, 07/18/2012 - 22:07 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Don't you see? It's the dirtiest secret of 'em all: The way the most successful bankers make money requires no "skill". It's just legalized cheating. 

Wed, 07/18/2012 - 23:21 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Zero Hedge to Simon Ross:  

"I see that you've been writing stories about 'Operation Blackbriar & Lieborgate'.  Do you even know who these people are or what they'll do to you? Do exactly as I say if you want to stay alive."


Phukkin' Main Street Media Knobs


Treadstone, bitchez.

Thu, 07/19/2012 - 01:08 | Link to Comment macholatte
macholatte's picture

Doesn't everybody already know how this is going to play out?



Tom Hagen: When a plot against the Emperor failed... the plotters were always given a chance... to let their families keep their fortunes. Right?
Frank Pentangeli: Yeah, but only the rich guys, Tom. The little guys got knocked off and all their estates went to the Emperors. Unless they went home and killed themselves, then nothing happened. And the families... the families were taken care of.
Tom Hagen: That was a good break. A nice deal.
Frank Pentangeli: Yeah... They went home... and sat in a hot bath... opened up their veins... and bled to death... and sometimes they had a little party before they did it.


from The Godfather: Part II (1974)
Wed, 07/18/2012 - 22:06 | Link to Comment Caviar Emptor
Caviar Emptor's picture


Thu, 07/19/2012 - 00:01 | Link to Comment The Gooch
The Gooch's picture

Except those poor souls that get "suicided".

Thu, 07/19/2012 - 00:17 | Link to Comment flacon
flacon's picture

Arkancide - Hillary style.

Thu, 07/19/2012 - 05:59 | Link to Comment Sofa King
Sofa King's picture

Don't forget...Drown in a Hof Tub.

Wed, 07/18/2012 - 20:49 | Link to Comment knukles
knukles's picture

When?  Just fucking when are people going to realize just why it's referred to a "social media"?
What people in any positions of power aside form pure sociopathic narcissists need such self imposed recognition in the public spotlight.

Note to self: Fire anybody with profiles on social media.

Wed, 07/18/2012 - 21:21 | Link to Comment WonderDawg
WonderDawg's picture

Spread the word quickly! My LNKD puts expire Friday and need some help!

Wed, 07/18/2012 - 21:42 | Link to Comment azzhatter
azzhatter's picture

You mean to tell me there is actually a publication called "Deriviatives Weekly"??? Just fucking kill me now. The whole fucking world has gone crazy. What's next "Structured Finance with Ned"

Thu, 07/19/2012 - 00:35 | Link to Comment AlaricBalth
AlaricBalth's picture

You asked for it! Only it's not with Ned. It's with Henry.

Do you prefer firing squad or the noose?

Thu, 07/19/2012 - 02:14 | Link to Comment Nobody For President
Nobody For President's picture

Scholarly bunch of fuckers...

Thu, 07/19/2012 - 07:04 | Link to Comment Obadiah
Obadiah's picture

I thought you said "suicide finance"  I like it! "Suicide Finance Journal"TM  Hell I am a print/internet publisher its a GO  I'll link you to the new website next week! Free print edition sub for everyone.


Please send your great financial suicide ideas to me!

Wed, 07/18/2012 - 21:44 | Link to Comment vast-dom
vast-dom's picture

sociopathic narcissists

Wed, 07/18/2012 - 22:16 | Link to Comment Skateboarder
Skateboarder's picture

I hate "job interviews." My style of finding out whether I want to work with someone or not involves a day of conversation and hanging out. When I have a bunch of small businesses going in a few years (I really hope I get to do that and everything doesn't go to absolute shit for eternity to come), I will ask only one formal interview question: "are you active on social media?"

Sure as fuck aint gonna hire no facebookers...

Wed, 07/18/2012 - 22:36 | Link to Comment Unprepared
Unprepared's picture

Prominent blog 0H hiring experienced social media lurkers/stalkers, profile scoopers/snoopers and late-hour serial voyours. 3+ experience in FCB, LNK, TWTR, discussion boards and other specialized social media. Fluent in trolling and social media slangs, knows how to use urbandictionnary and investopedia. Familiar with financial jargon, acrual experience a plus. Paranoid, conspiracy-theory-like dot-connector, attention to detail. Bowl of rice/day + perks.

Wed, 07/18/2012 - 22:41 | Link to Comment Unprepared
Unprepared's picture

And somebody let the other guy's friend's mom, alledgedly making 140/hr, without leaving her house, know that this is the real shit. 

Wed, 07/18/2012 - 23:05 | Link to Comment Problem Is
Problem Is's picture

I thoght it was $700 an hour...

Or was that $7,000 a day...

Hurry! Act now!

Thu, 07/19/2012 - 00:27 | Link to Comment Fidel Sarcastro
Fidel Sarcastro's picture

TYLER!  I was going to send you an email but WTF let's get public here...WELL FUCKING DONE MATE (and staff)...well fucking done, indeed!

Thu, 07/19/2012 - 00:33 | Link to Comment CCanuck
CCanuck's picture

DoucheBook, social narcissism at its finest!

Wed, 07/18/2012 - 21:51 | Link to Comment WillyGroper
WillyGroper's picture

you mean Sweden?

Wed, 07/18/2012 - 23:34 | Link to Comment Precious
Precious's picture

You're right.

Wed, 07/18/2012 - 20:51 | Link to Comment razorthin
razorthin's picture

The pitchfork-bearing mobs shall grant them no such leniency under thunderdome.

Holy sh!t.  Hell will be glowing white with these high criminals.  The fire only burns blue on earth for the convicted common man.

Wed, 07/18/2012 - 20:44 | Link to Comment TwoJacks
TwoJacks's picture

holy crap, I can hear the keyboards around the world closing linkedin profiles as we watch this item get juicier and juicier.  nice work, tyler!

Wed, 07/18/2012 - 20:53 | Link to Comment knukles
knukles's picture

From Dedier to Schmuckees:  Dude we better close our Linkdein profiles, you see what;s happening?
S to D:  Oui, bon observation
D to S:  Sure, we can always e-mail or Facebook
S to D:  grand idea!  ciao!

Wed, 07/18/2012 - 21:18 | Link to Comment OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

they should use a Burn Note instead:


Thu, 07/19/2012 - 02:18 | Link to Comment Nobody For President
Nobody For President's picture

Good one I didn't know about. Thanks.

Great psued, as well...

Wed, 07/18/2012 - 20:47 | Link to Comment same old story
same old story's picture

Genius !!!  wow keep it coming

Wed, 07/18/2012 - 22:40 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

this is tyler kicking ass big-time, BiCheZ!

keep toking, tyler!  L0L!!!  (between fights, that is...)  {and drinking...  of course...}

Wed, 07/18/2012 - 20:50 | Link to Comment jal
jal's picture

Keep up the digging.

Make the hole extra large for all those that will need burying.

Wed, 07/18/2012 - 20:55 | Link to Comment PaperBear
PaperBear's picture

Bank X scapegoat Y ? Does anyone believe this 'not the bank's fault, it was rogue worker(s)' ?

Wed, 07/18/2012 - 21:01 | Link to Comment LeisureSmith
LeisureSmith's picture

Pure ZH brand awesome-sauce.

Wed, 07/18/2012 - 20:56 | Link to Comment haskelslocal
haskelslocal's picture

Yep. There's one chance with LinkedIn. It's just been used. Another gap filled. Hope it was worth it. Something tells me the Quid Pro Quo won't agree.


Wed, 07/18/2012 - 20:56 | Link to Comment notadouche
notadouche's picture

Investigative journalism that just doesn't exist anywhere else.  Nicely done.  The Times will probably come out with this in about 6 months claiming it as original on their part.

Wed, 07/18/2012 - 21:05 | Link to Comment YouThePeople
YouThePeople's picture

 Egregious Swiss Miss. Their 'neutrality' is stunning.

Wed, 07/18/2012 - 21:06 | Link to Comment takinthehighway
takinthehighway's picture

Great job. Thank you, Tyler.

Wed, 07/18/2012 - 21:34 | Link to Comment Mercury
Mercury's picture

This does underscore some of my earlier comments that, aside from putting lipstick on a megabank under stress (with apparent regulator prodding/acquiescence), LIBOR manipulation couldn't have been about goosing overall bank profits since such beasts are always both big payers and receivers of LIBOR based positions at any given time.

So, the misbehavior had to have been about individual/small group cheating and profit-goosing from day one: putting up a decent Q number for the desk, digging oneself out of a lousy P&L, making a particular deal more attractive etc.

But now we learn that the circle extends to a somewhat wider alumni network…and perhaps involves such things as say - helping some hedge fund kill it with their seven-dimensional, leveraged derivatives position that all pivots on LIBOR being at/below/above a certain level. Hhhmmmmm.

I think Zero Hedge is guilty of committing actual journalism here.

Wed, 07/18/2012 - 22:27 | Link to Comment LibertarianX
LibertarianX's picture

"LIBOR manipulation couldn't have been about goosing overall bank profits".....

I'm not so sure - This book was widely credited with saving DB's bottom line from being a lot worse in 2008

They reported a loss of 3.9b and this book contributed litterally billions to the bottom line in one year, which was extraordinary for a short end interest rate book in my opinion....

Thu, 07/19/2012 - 07:03 | Link to Comment Mercury
Mercury's picture

Well sure, everyone's bottom line would have been a lot worse in 2008 if rates didn't get squashed.  But it was the Fed who was doing the squashing here ex machina. 

In 2008 LIBOR spiked and then was ultimately sucked in by the gravity of US Fed funds and crisis response. This would have overwhelmed any 1 or 2 bip manipulation done at the bank level for fun and profit.

Thu, 07/19/2012 - 08:27 | Link to Comment LibertarianX
LibertarianX's picture

My thoughts are the manipulation prior to the crisis kicking off was in the order of points, however during 08 especially the 4th qtr it was managed down to ridiculous levels' some of these banks were unable to access market funding and could only fund through central banks - even if it was 'managed' by the central banks it was still a lie - I'm sure we all agree that central management of interest rates is deception anyway

Once 'they' had Libor back 'under control' it was way out of whack with cds spreads and I no longer had any faith in Libor, xccy swap spreads were more honest for a while but i suspect there is a lot of 'management' of most numbers that could be a warning bell

I still think the pnl on that book was crazy big


Thu, 07/19/2012 - 09:37 | Link to Comment Mercury
Mercury's picture

True dat.  I'm sure there was an opportunity to put on some new positions right before that big LIBOR dive down once someone got the word that "this is what's going to happen" from central planning's superhero crisis team.

Thu, 07/19/2012 - 04:12 | Link to Comment anonnn
anonnn's picture

Manipulation strongly suggests a nefarious intent.

We were only modulating LIBOR to maintain financial stability and overall trust in monetary and fiscal activities, for the general good. Gott Mit Uns, you know.

Wed, 07/18/2012 - 21:13 | Link to Comment fuu
fuu's picture


Wed, 07/18/2012 - 21:19 | Link to Comment Piranhanoia
Piranhanoia's picture

+1776 for investigative reporting.  

Thu, 07/19/2012 - 04:15 | Link to Comment anonnn
anonnn's picture

ZH sleuthing makes the Hardy Boys and Nancy Drew look like amateurs. Oh, wait... .

Wed, 07/18/2012 - 21:20 | Link to Comment AccreditedEYE
AccreditedEYE's picture

Seems the practitioners in the "financial arts", the very ones who have a love of "fine risk" AND "fine chocolate" also have a love of something else: fine criminal networks and fine inside info. Fantastic stuff... let's see where it takes us. 

Wed, 07/18/2012 - 21:22 | Link to Comment Catflappo
Catflappo's picture

best we, um, fine them (well worse actually, but you get my point)

Wed, 07/18/2012 - 21:21 | Link to Comment Catflappo
Catflappo's picture

Perhaps a better name for would be ""

Wed, 07/18/2012 - 21:22 | Link to Comment WonderDawg
WonderDawg's picture

Awesome work! Well done. Pulitzer worthy.

Wed, 07/18/2012 - 21:25 | Link to Comment LetThemEatRand
LetThemEatRand's picture

If only the regulators or law enforcement to whom this information should be useful gave a shit.

Wed, 07/18/2012 - 21:27 | Link to Comment techstrategy
techstrategy's picture

You rock.  Keep after them...  This whole thing is going to get VERY big and may ultimately get big enough to shake things up in a real way.

Wed, 07/18/2012 - 21:30 | Link to Comment q99x2
q99x2's picture

'That Lieborgate is about to spill over and take down many more banks is well known'

Shouldn't take much once things freeze up a little. I little nudge into position and great possibilities arise. Unfortunately synchronicity is beyond good and evil.

Wed, 07/18/2012 - 21:31 | Link to Comment vachon
vachon's picture

Great work, Tyler.  An amazing read, and an eye opener.

Wed, 07/18/2012 - 21:33 | Link to Comment bob_dabolina
bob_dabolina's picture

Free. Jon. Corzine

You free him right now Eric Holder.

Wed, 07/18/2012 - 21:33 | Link to Comment CharliePrince
CharliePrince's picture

very nice

Wed, 07/18/2012 - 21:36 | Link to Comment buzzsaw99
buzzsaw99's picture

I'm sure they are all shaking in their boots. LULZ

Wed, 07/18/2012 - 21:46 | Link to Comment PeterLemonJello
PeterLemonJello's picture

It appears as if the light is being turned on, and the cockroaches are scattering any where they can hide.

Wed, 07/18/2012 - 22:01 | Link to Comment jal
jal's picture

These guy are smart.

Were they smart enough to hide the money trail that lead to their multiple doomsteads?


Wed, 07/18/2012 - 21:50 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Our bankster heroes are the soul of America. They perform miracles every day: they make something for nothing. They do the hustle. They do it well. 

They bring out the very best and worst in us. They mezmerize us with glamor. They are our royalty. 

So forget about putting them in jail, they should be presidents and senators, princes and pashas, wazirs and ambassadors. 

We should be supporting them 

Thu, 07/19/2012 - 07:05 | Link to Comment Dr. Sandi
Dr. Sandi's picture

Hell, we HAVE been supporting them. And in the manner to which they have become accustomed, I might add.

Wed, 07/18/2012 - 21:51 | Link to Comment sgorem
sgorem's picture

God of love ZH! The only place in the World for some truth. Thanks Tyler & Co.

Wed, 07/18/2012 - 21:56 | Link to Comment apberusdisvet
apberusdisvet's picture

Sinking ship:  meet rats


Or is it the other way around?

Wed, 07/18/2012 - 21:58 | Link to Comment Ted Baker
Ted Baker's picture

Swiss are the biggest crooks and thieves anyone can ever come across. Time to expose the Swiss FBFL

Wed, 07/18/2012 - 22:01 | Link to Comment Loan Gunman
Loan Gunman's picture


It will be a cold day in hell before any government regulatory agency could come up with stuff like this before Zerohedge.

Wed, 07/18/2012 - 22:06 | Link to Comment way-out-west
way-out-west's picture

Up next - new corporate policy prohibiting any use of social networking - wait - any use of any networking other than that which is approved by corporate policy which is..... none.

Wed, 07/18/2012 - 22:16 | Link to Comment LoneuhRanger
LoneuhRanger's picture

Muchas gracias Tyler. Whomever youse are.

Wed, 07/18/2012 - 22:19 | Link to Comment lpgastech
lpgastech's picture

Great job Tyler!! Thanks for all you do.

Wed, 07/18/2012 - 22:24 | Link to Comment LoneuhRanger
LoneuhRanger's picture

A robot is follering moi.

Wed, 07/18/2012 - 22:30 | Link to Comment LoneuhRanger
LoneuhRanger's picture

Wow! My own gig! Holy!

Wed, 07/18/2012 - 22:46 | Link to Comment Divine Wind
Divine Wind's picture



Rothschild, Lazard, Loeb, Warburgs, Schiff, Stillman.

We are on to the game.


Wed, 07/18/2012 - 23:01 | Link to Comment Problem Is
Problem Is's picture

Forgot Rockefeller on the batting list for Bastille Day...

Wed, 07/18/2012 - 22:51 | Link to Comment piceridu
piceridu's picture

ZH for Chief Inspector!

Wed, 07/18/2012 - 23:09 | Link to Comment Problem Is
Problem Is's picture

+5... Top notch forensic work Tyler...


Eric "Empty Suit" Holder: Wake TFU

One Tyler can do more from his arm chair than an army of porn downloading SEC shysters and their manly man boss Mary Schapiro...

Or the entire Empty Suit staff of Useful Idiots at the DOJ...

Of course the Swiss are corrupt... It's the home of the BIS...

Wed, 07/18/2012 - 22:59 | Link to Comment Richard Whitney
Richard Whitney's picture

ZH is better than Forensic Files or the First 48.

Wed, 07/18/2012 - 23:11 | Link to Comment feeb
feeb's picture

Research great enough to finally get me off my ass and buy a ZH tee:

Long time lurker and very rare poster; I have been around ever since the beginning of your blog days. I just wanted to stop in and say that you do some great work, please keep it up.

From one who works within the fedgov to eliminate waste (there's nothing I heart more than cancelling bad contracts and firing useless people - and yes, rest assured I am thoroughly conflicted about the source of my paycheck), I want to thank the Tylers for their awesome work. Thanks for the daily education and the tireless generation of new, quality content. 

Wed, 07/18/2012 - 23:12 | Link to Comment SolidSnake961
SolidSnake961's picture

excellent reporting Tyler! one day you need to make a full story about the zerohedge team and the inside story...


linked in works for one of u too!

lots of JCK Partners hmmm

Wed, 07/18/2012 - 23:44 | Link to Comment Jumbotron
Jumbotron's picture

Tyler for President

Matt Taibbi for Vice-President

Marla Singer for Vice

Wed, 07/18/2012 - 23:48 | Link to Comment Bringin It
Bringin It's picture

Still reading this excellent who-done-it.  Just want to point out that going to now shows some changes.  Specificly, Carlo Palumbo, the Salesperson at Deutche Bank AG and Emmanuel Hamacek, the trader EURO short term rate derivatives have pulled their job descriptions. 

Wed, 07/18/2012 - 23:49 | Link to Comment MrTouchdown
MrTouchdown's picture

Need more popcorn!

Wed, 07/18/2012 - 23:52 | Link to Comment tom a taxpayer
tom a taxpayer's picture

There be lots of holes in that Swiss cheese.

Thu, 07/19/2012 - 00:19 | Link to Comment CCanuck
CCanuck's picture

These are the articles that make ZEROHEDGE the best.

+5 TD

Thu, 07/19/2012 - 00:28 | Link to Comment valkir
valkir's picture

FYI-update about bus blast in Bulgaria.PM on Bulgaria just release info,that suicide bomber had papers from Michigan,USA.Strange,i was thinking they gonna discover papers from Iran.But wait a second.Can somebody confirm,is there any iranian community in Michigan?

Thu, 07/19/2012 - 01:20 | Link to Comment Jumbotron
Jumbotron's picture

HUGE Iraqi population there.....largest in the nation.   Not sure about Iranian

Thu, 07/19/2012 - 01:57 | Link to Comment knukles
knukles's picture


Ya' know, this is just like finding the papers of the hijackers from the Burld Frayed Centre.  Nothin' else made it through the day... except these guy(s) IDs.

Let me be the first to call horseshit

So it was the bombardier's very own lonesome papers they found.  Not somebody else's?

And the reporting, just as lickety split fast as that plane that flew into the office building in Hawston Texas.
Like the very fucking moment.


Thu, 07/19/2012 - 00:34 | Link to Comment tmftdoyle
tmftdoyle's picture

Now we all know why Ben B (i.e. the bald, bearded dolt), did a Joe Pa and passed the information up the chain of command and then went on his business. It's the after life. If these low-level slackers can trade in their crimes for untouchable swiss riches, just thing what gold (no pun intended) awaits the chairsatan.


It's all too beautiful!

Thu, 07/19/2012 - 01:00 | Link to Comment Imminent Collapse
Imminent Collapse's picture

Kudos to you, Tyler. Too bad TPTB don't really want to know the truth. Keep up the good work!

Thu, 07/19/2012 - 01:30 | Link to Comment ItsDanger
ItsDanger's picture

I wont be impressed until 1,000's of people are sent to jail.  This shit goes deep around the globe.

Thu, 07/19/2012 - 01:42 | Link to Comment chump666
chump666's picture

On wires now Sth Korea collusion investigation, no link just wire reports that a major investigation is taking place.

Thu, 07/19/2012 - 01:54 | Link to Comment Milton Waddams
Milton Waddams's picture

One of the few scandals that benefited both the few and the majority; while unjustly enriching the few.

Thu, 07/19/2012 - 02:25 | Link to Comment tkinfo
tkinfo's picture

One of Trafalgar's, our short selling hedge fund of TBTF banks and brokers, best sources of Helpful Information...

Thu, 07/19/2012 - 02:31 | Link to Comment Nobody For President
Nobody For President's picture

Amazing forensic internet investigation and real reporting. 

All my newspaper subscription money henceforth are belong to Tyler(s).

Stay on the trail - not that you need encouragement....


Thu, 07/19/2012 - 03:55 | Link to Comment anonnn
anonnn's picture

Implicit in any working definition of "insider" is the bypass of risk, usually total bypass of any risk. I.e., an "insider" either [1] learns of future actions or [2], is himself the principal in deciding/causing the future acton [future action in the sense of actionable information].

Example of [1] is son of the CEO learning , with highest credibility, of quarterly sales/profits before public announcement. Or, even the newsmedia  programmer  prior to broadcast of financially important data.

Example of [2] is principal of corporation deciding to buy/sell an obviously valuable patent. Or, a mining engineer or chemist obtaining firm results on a new minerals site.

Insider: someone who gets any certain, advanced knowledge that might be actionable, even if the timing advance is just milliseconds in the case of pre-programmed computer action.

Any "skill" involved need only be in the acquisition/creation of the advanved knowledge.

Thu, 07/19/2012 - 04:55 | Link to Comment falak pema
falak pema's picture

OT /   One of the most blistering attacks on what the US Empire has become :

Listen to the interview of Chris Hedges. Awesome summary of the time line of Corpocracy since WW1 and the death of US liberal movement of which CLinton and Obama are the best marketing tools employed by Corpocracy. 

"Inverted Totalitarianism" ....very astute summary of current situation of the world. 

Jesse's Café Américain

Thu, 07/19/2012 - 05:06 | Link to Comment anonnn
anonnn's picture

falek, I concur your reccomendation. Recently watched those 3 hours and the experience grew me. Chris Hedges is right up there  with H Zinn in integrity and perspective with first-hand accounts of what's happenning.


Thu, 07/19/2012 - 06:18 | Link to Comment rufusbird
rufusbird's picture

Whoa Dude! Stoped me in my tracks....I concur. I just Googled Chris Hedges and am now watching his video interview. One of the most articulate speakers I have ever listened to.

This man is very worth listening to.

Thu, 07/19/2012 - 05:35 | Link to Comment vxpatel
vxpatel's picture

Tyler, I know you are busy these days, but it is your obligation to what's left of the crumbling edifice of our society to teach and preach your investigative prowess to the S.E.C.

That is all.

Thu, 07/19/2012 - 07:23 | Link to Comment ATM
ATM's picture

So we have these bad boys in Switzer appearing to play bad with rigged numbers.Does anyone else think that these bad boys had to pay homage to the Dons, perhaps in cash deposited conveniently in a local numbered account?

Ain't a chance in hell these guys rigged the deal by themselves. The money trail goes very high, probably all the way to the top of the power srtucture, and I dont mean of the banks. 

If this deal only goes as far up as the scapegoats we know the real criminals level. It is two levels above the convicted, the dirty bureaucrats.


Thu, 07/19/2012 - 07:36 | Link to Comment Disenchanted
Disenchanted's picture




Strangley enough there will be a fundraiser held for Oblahma August 27 in Geneva hosted by George Clooney. According to the Hollywood Reporter:


On Aug. 27, George Clooney will host a reception and dinner in Geneva, Switzerland, a sequel to an identical fundraiser he helped put together during Obama’s initial run for the White House. His co-hosts for this evening are Charles C. Adams, Jr., who heads the Geneva office Akin Gump, the well-connected, mainly Democratic law firm and lobbying powerhouse, and Matthew Barzun, former ambassador to Sweden and a leading Obama bundler. Tickets for the Geneva evening run from $1,000 to $30,000.


Lie-bor participant lobbyists contact Akin Gump in order to facilitate bundling of mean contributions.

Thu, 07/19/2012 - 09:08 | Link to Comment shovelhead
shovelhead's picture

Excellent work on the X Files, Tylers.

"The truth is out there".

Thu, 07/19/2012 - 09:57 | Link to Comment emersonreturn
emersonreturn's picture


Thu, 07/19/2012 - 13:24 | Link to Comment ebworthen
ebworthen's picture

I wonder if Shawn Hawk, the marketing intern at TomTom, can tell us where CORZINE and the MONEY are?

Fri, 07/20/2012 - 02:48 | Link to Comment radicall
radicall's picture

Less regulated is good. We want a free market right? One that regulates itself through algos

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