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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

 

Owner, SAFETY DYNAMICS

 

    Greater New York City Area
    Construction

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 | 2630290 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 | 2630301 veyron
veyron's picture

Where is the wikileaks BAC release?

Wed, 07/18/2012 - 20:45 | 2630309 Precious
Precious's picture

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

Wed, 07/18/2012 - 21:36 | 2630380 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 | 2630465 Dr. Engali
Dr. Engali's picture

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

Wed, 07/18/2012 - 22:12 | 2630532 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 | 2630584 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 | 2630726 Dr Benway
Dr Benway's picture

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

 

Conclusions:

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:

http://www.dailymail.co.uk/news/article-1258369/Pasquale-Manfredi-Facebook-arrest-Mafia-hitman-Scarface-caught.html

Thu, 07/19/2012 - 00:56 | 2630823 AlaricBalth
AlaricBalth's picture

Bluecrest Capital sounds awfully familiar.

http://www.zerohedge.com/news/founder-30-billion-hedge-fund-bluecrest-sa...

http://www.zerohedge.com/news/so-how-are-jpms-prop-counterparties-faring

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 | 2630840 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.

 

www.bluecrestcapital.com

www.bluecrestcapital.com

www.bluecrestallblue.com

www.bluecrestcapitalfinance.com

www.bluecrestbluetrend.com

www.bluecrestallblue.co.uk

 

 

Thu, 07/19/2012 - 06:47 | 2631023 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 | 2630836 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.

ori

war-inc

Wed, 07/18/2012 - 22:34 | 2630586 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 | 2630469 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 | 2630520 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 | 2630639 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 | 2630841 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 | 2630521 Caviar Emptor
Caviar Emptor's picture

dupe

Thu, 07/19/2012 - 00:01 | 2630762 The Gooch
The Gooch's picture

Except those poor souls that get "suicided".

Thu, 07/19/2012 - 00:17 | 2630776 flacon
flacon's picture

Arkancide - Hillary style.

Thu, 07/19/2012 - 05:59 | 2630993 Sofa King
Sofa King's picture

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

Wed, 07/18/2012 - 20:49 | 2630319 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 | 2630392 WonderDawg
WonderDawg's picture

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

Wed, 07/18/2012 - 21:42 | 2630446 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 | 2630800 AlaricBalth
AlaricBalth's picture

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

http://en.wikipedia.org/wiki/The_Journal_of_Structured_Finance

Do you prefer firing squad or the noose?

Thu, 07/19/2012 - 02:14 | 2630885 Nobody For President
Nobody For President's picture

Scholarly bunch of fuckers...

http://www.iijournals.com/toc/jsf/current

Thu, 07/19/2012 - 07:04 | 2631049 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!   hotnews@suicidefinancejournal.com

Wed, 07/18/2012 - 21:44 | 2630450 vast-dom
vast-dom's picture

sociopathic narcissists

Wed, 07/18/2012 - 22:16 | 2630539 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 | 2630575 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 | 2630598 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 | 2630648 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 | 2630788 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 | 2630798 CCanuck
CCanuck's picture

DoucheBook, social narcissism at its finest!

Wed, 07/18/2012 - 21:51 | 2630474 WillyGroper
WillyGroper's picture

you mean Sweden?

Wed, 07/18/2012 - 23:34 | 2630713 Precious
Precious's picture

You're right.

Wed, 07/18/2012 - 20:51 | 2630302 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 | 2630305 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 | 2630328 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 | 2630385 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

they should use a Burn Note instead:

https://burnnote.com/#/

 

Thu, 07/19/2012 - 02:18 | 2630887 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 | 2630315 same old story
same old story's picture

Genius !!!  wow keep it coming

Wed, 07/18/2012 - 22:40 | 2630597 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 | 2630321 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 | 2630332 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 | 2630334 LeisureSmith
LeisureSmith's picture

Pure ZH brand awesome-sauce.

Wed, 07/18/2012 - 20:56 | 2630336 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 | 2630338 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 | 2630355 YouThePeople
YouThePeople's picture

 Egregious Swiss Miss. Their 'neutrality' is stunning.

Wed, 07/18/2012 - 21:06 | 2630358 takinthehighway
takinthehighway's picture

Great job. Thank you, Tyler.

Wed, 07/18/2012 - 21:34 | 2630362 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 | 2630571 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 | 2631015 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 | 2631194 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 | 2631432 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 | 2630945 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 | 2630375 fuu
fuu's picture

Bravo!

Wed, 07/18/2012 - 21:19 | 2630388 Piranhanoia
Piranhanoia's picture

+1776 for investigative reporting.  

Thu, 07/19/2012 - 04:15 | 2630947 anonnn
anonnn's picture

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

Wed, 07/18/2012 - 21:20 | 2630389 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 | 2630398 Catflappo
Catflappo's picture

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

Wed, 07/18/2012 - 21:21 | 2630393 Catflappo
Catflappo's picture

Perhaps a better name for LinkedIn.com would be "Implicated.com"

Wed, 07/18/2012 - 21:22 | 2630396 WonderDawg
WonderDawg's picture

Awesome work! Well done. Pulitzer worthy.

Wed, 07/18/2012 - 21:25 | 2630401 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 | 2630411 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 | 2630421 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 | 2630422 vachon
vachon's picture

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

Wed, 07/18/2012 - 21:33 | 2630424 bob_dabolina
bob_dabolina's picture

Free. Jon. Corzine

You free him right now Eric Holder.

Wed, 07/18/2012 - 21:33 | 2630427 CharliePrince
CharliePrince's picture

very nice

Wed, 07/18/2012 - 21:36 | 2630434 buzzsaw99
buzzsaw99's picture

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

Wed, 07/18/2012 - 21:46 | 2630458 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 | 2630512 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 | 2630471 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 | 2631052 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 | 2630473 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 | 2630491 apberusdisvet
apberusdisvet's picture

Sinking ship:  meet rats

 

Or is it the other way around?

Wed, 07/18/2012 - 21:58 | 2630500 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 | 2630506 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 | 2630519 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 | 2630541 LoneuhRanger
LoneuhRanger's picture

Muchas gracias Tyler. Whomever youse are.

Wed, 07/18/2012 - 22:19 | 2630550 lpgastech
lpgastech's picture

Great job Tyler!! Thanks for all you do.

Wed, 07/18/2012 - 22:24 | 2630562 LoneuhRanger
LoneuhRanger's picture

A robot is follering moi.

Wed, 07/18/2012 - 22:30 | 2630578 LoneuhRanger
LoneuhRanger's picture

Wow! My own gig! Holy!

Wed, 07/18/2012 - 22:46 | 2630607 Divine Wind
Divine Wind's picture

 

 

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

We are on to the game.

 

Wed, 07/18/2012 - 23:01 | 2630636 Problem Is
Problem Is's picture

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

Wed, 07/18/2012 - 22:51 | 2630618 piceridu
piceridu's picture

ZH for Chief Inspector!

Wed, 07/18/2012 - 23:09 | 2630629 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 | 2630632 Richard Whitney
Richard Whitney's picture

ZH is better than Forensic Files or the First 48.

Wed, 07/18/2012 - 23:11 | 2630659 feeb
feeb's picture

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

http://www.store.minus273.biz/product/zero-hedge-by-273-got-hedge-black-pre-order

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 | 2630660 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!

http://www.linkedin.com/in/ivandjiiski

lots of JCK Partners hmmm

Wed, 07/18/2012 - 23:44 | 2630732 Jumbotron
Jumbotron's picture

Tyler for President

Matt Taibbi for Vice-President

Marla Singer for Vice

Wed, 07/18/2012 - 23:48 | 2630740 Bringin It
Bringin It's picture

Still reading this excellent who-done-it.  Just want to point out that going to http://www.linkedin.com/pub/christian-bittar/8/23/ab4 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 | 2630743 MrTouchdown
MrTouchdown's picture

http://youtu.be/e0mx5ERj1eI

Need more popcorn!

Wed, 07/18/2012 - 23:52 | 2630746 tom a taxpayer
tom a taxpayer's picture

There be lots of holes in that Swiss cheese.

Thu, 07/19/2012 - 00:19 | 2630780 CCanuck
CCanuck's picture

These are the articles that make ZEROHEDGE the best.

+5 TD

Thu, 07/19/2012 - 00:28 | 2630791 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 | 2630848 Jumbotron
Jumbotron's picture

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

Thu, 07/19/2012 - 01:57 | 2630870 knukles
knukles's picture

Horseshit

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.

Horseshit.

Thu, 07/19/2012 - 00:34 | 2630801 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 | 2630826 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 | 2630856 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 | 2630863 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 | 2630869 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 | 2630892 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 | 2630893 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....

http://www.pulitzer.org/

 

Thu, 07/19/2012 - 03:55 | 2630932 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 | 2630960 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 | 2630967 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 | 2630995 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.

http://jessescrossroadscafe.blogspot.fr/2012/07/chris-hedges-brace-yours...

This man is very worth listening to.

Thu, 07/19/2012 - 05:35 | 2630984 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 | 2631063 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 | 2631068 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.

http://www.hollywoodreporter.com/news/obama-overseas-fundraisers-china-s...

 

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

Thu, 07/19/2012 - 09:08 | 2631365 shovelhead
shovelhead's picture

Excellent work on the X Files, Tylers.

"The truth is out there".

Thu, 07/19/2012 - 09:57 | 2631581 emersonreturn
emersonreturn's picture

tyler---WOW

Thu, 07/19/2012 - 13:24 | 2632744 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 | 2634990 radicall
radicall's picture

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

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