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LinkedIn Profile Collusion Among Terminated UBS Libor Traders?

Tyler Durden's picture




 

Previously we presented an expose on various Geneva-based hedge funds traders, all of whom were implicated in Libor manipulation in their current or prior positions, which promptly resulted in the halting of trading privileges of one of the named individuals. Tonight it is time to back away from the buyside and to refocus on the banking sector, in the process jumping a few hundred kilometers to the northeast and that other Swiss banking capital, Zurich, where we get to do a quick run through several UBS Libor traders. Pardon, make that ex-traders. And make that "short-term interest rate" traders which naturally means OIS, IRS, FRA, Money Markets and, sometimes Euribor. In other words, all the other various IR derivatives which will blow up next as the Libor inquiry gets deeper and deeper into the Swiss rabbit hole. But before the global media juggernaut gets there, in about 6-8 weeks, we will do a quick roster of several voluntarily "retired" UBS traders, all of whom are now "looking for new challenges" and a rather amusing finding.

As a reminder, UBS "is one of a handful of institutions that have already come forward to authorities with information about possible abuses of rate-setting processes. The bank first disclosed last year that it had been granted so-called “conditional immunity." In other words, a witness for the prosecution. In even other words: a rat. And as a rat, it is only fitting that the bank has been quietly and efficiently purging the impure elements within its organization, and specifically, its Zurich office.

We start with Holger Seger, UBS' global head of short-term interest rates trading, and the first quiet casualty of Lieborgate, whose purge took place in the months before the infamous Barclays Bollinger emails hit the front pages. In short: Holger is now "ready for a new challenge." (We also dispassionately note that among the venues where Monsieur Seger worked is one Singapore, a city which has so far escaped completely unscathed in the Libor investigation, yet which as per our previous reports, continues to feature quite prominently in the bio of every single individual marked with Libor stigma.)

We then continue on to one Patrick Heusser who most recently was an UBS Executive Director and Cash Collateral Trader in the USD Interest Rate Curve. Read Libor trader. And oh yes, he worked in Singapore too. We said "was" because just like Mr. Seger above, he is now "looking for a new challenge."

Next up on our list of perfectly random list of UBS, and ex-UBS traders, is one Mr. Laurent De Meyer. His role is Director of Short-Term Interest Rates, yes at UBS, where he managed the EUR team of 5 "to great success." We said is - we meant was because Laurent, copying Patrick above verbatim, is also "ready for a new challenge."


And finally, and again completely randomly, we stumble upon one Mr. Marco Steiner. Marco, like all the previous gentlemen, was a STIR trader, responsible for "funding the bank in CHF" who was a market maker in FX Forwards, TOIS, IRS, FRA and Futures. He also developed spreadsheets for various purposes. Oh yes, and Marco previously worked in... Singapore. Yet of biggest import is that after having traded various short-term unsecured debt instruments, read an FX Libor curve or another, is no longer with the firm. In fact, Marco is now "looking for new challenge." 

The observation one can derive from the above, which incidentally is merely a sample of a much grander tapestry which we will continue exposing piece by piece since the mainstream media continues to ignore the details, is that while UBS has already let go of its natural "scapegoats" which will only make fingerpointing in the critical "evidentiary" phase, conditional immunity notwithstanding, it had a knack for procuring talent which in the absence of 'collective collaboration' would have been utterly and totally helpless.

Now there is nothing wrong with that: after all there is a reason for the saying "Strength in Numbers"... Nonetheless, one can almost imagine the late afternoon happenings at the second floor of the Paradeplatz Sprüngli where all of the above decided to 'cross-polinate' their LinkedIn profiles, and express the earnest desire to demonstrate their new potential employers, hopefully not Lombard Odier and BlueCrest - that would make our lives too easy, their "readiness to look for new challenges."

One may almost call it... collusive.

 

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Mon, 07/30/2012 - 23:45 | 2664119 vinu02
vinu02's picture

Did anyone notice, Barclay is up 15%, RBS is up 15% UBS up 12% and last 5 days. It seems they are rewarded for libor scandal http://www.freefdawatchlist.com/2012/07/too-big-to-fail-are-too-big-to-jail.html

Mon, 07/30/2012 - 23:53 | 2664136 SMG
SMG's picture

You guys want a new challenge?  How about making the world a better place, and helping to get rid of your truly criminal former emplyers and their peers.

Tue, 07/31/2012 - 00:33 | 2664170 vast-dom
vast-dom's picture

Linkedld after all does in fact serve a purpose. Maybe that's good for 15% or so on its vapor-media.

Tue, 07/31/2012 - 02:01 | 2664228 Skateboarder
Skateboarder's picture

I guess banking fraud wasn't a big enough challenge for 'em. Social media narcissicsts gonna narciss, and man or mortal, it always leaves a trail.

Great work Tylers on another LinkedIn exposure of the situation. It is indeed strange that the name Singapore has yet to surface.

Tue, 07/31/2012 - 02:12 | 2664234 jez
jez's picture

". . . several voluntarily "retired" UBS traders, all of whom are now "looking for new challenges". . ."

 

Prison can be pretty challenging, so I hear. Not much chance of that, though, I s'pose.

Might help them to start looking for new cliches, as well. "Looking for new challenges" -- sheesh.

Tue, 07/31/2012 - 08:28 | 2664562 TheFourthStooge-ing
TheFourthStooge-ing's picture

jez said:

Prison can be pretty challenging, so I hear. Not much chance of that, though, I s'pose.

Prison time would only happen if some sort of wrongdoing was shown to have occurred. You'll notice that over the past five years or so of this global fiasco, when the authorities grew weary of watching porn and made a halfhearted effort at appearing to care, every investigation except Madoff resulted in a settlement with no admission of wrongdoing.

We may not like what is going on, but if the authorities are satisfied that there was no wrongdoing, we must defer to their authoritative judgement, expertise, and wisdom.

But hey, at least it leaves more room in prison for locking up those evil smokers of weed.

Might help them to start looking for new cliches, as well. "Looking for new challenges" -- sheesh.

That's the bankster equivalent of a resigning politician saying that he, "wants to spend more time with his family."

Tue, 07/31/2012 - 01:25 | 2664205 philipat
philipat's picture

At this level, the scapegoats just get pushed out with the previously ill-gotten gains and a small severance package to STFU, then call in all the Bollinger reciprocals held on account elsewhere. At the senior level, they settle with the Authorities for Billions which include personal immunity from prosection, so, Mr "Regulator", no limit to how much you want to collect because that is, of course, "Only" Shareholders money and my bonuses are already in The Caymans. Refer to the GW piece on "The Rule of Law".

I wonder why anyone would invest in Institutions which pay more in fines and "Compensation" for Management than returns to Shareholders?

Tue, 07/31/2012 - 07:34 | 2664440 Offthebeach
Offthebeach's picture

Who needs tax rates, or expensive investigation, procecutions,defense lawyers, judges? Just be Mafia and demand your share, as capo de tuti capo of the muppet fleecing.

Tue, 07/31/2012 - 06:53 | 2664369 LMAOLORI
LMAOLORI's picture

 

 

obama's golfing buddy hence

For UBS, a Record of Averting Prosecution

http://www.nytimes.com/2012/07/21/business/ubss-track-record-of-averting-prosecution-common-sense.html?pagewanted=all

Mon, 07/30/2012 - 23:45 | 2664120 greased up deaf guy
greased up deaf guy's picture

looking for a new means to scam the world...

Tue, 07/31/2012 - 06:57 | 2664375 LMAOLORI
LMAOLORI's picture

 

They find plenty of ways 

Muni Rates Examined for Signs of Rigging

http://www.cnbc.com/id/48410471

Mon, 07/30/2012 - 23:45 | 2664121 working class dog
working class dog's picture

There excuse " We were only following orders". I wonder what the govt of Iran would do to this scum?

Mon, 07/30/2012 - 23:46 | 2664122 slewie the pi-rat
slewie the pi-rat's picture

i hear thomson reuters is hiring

Mon, 07/30/2012 - 23:49 | 2664127 Eireann go Brach
Eireann go Brach's picture

Considering the government were also involved in the Libor shenanigans too, will this latest scandal also blow over or will we finally see someone hanging from a lampost?

Mon, 07/30/2012 - 23:50 | 2664132 barliman
barliman's picture

 

Looking for a new challenge?

What does one do for new challenges after fixing the interest rate on trillions of euros of debt?

Hmmmmmmmm. Maybe Greece could set up a new line of business with prison outsourcing for the rest of the EU?

"Send us your rich, your elites, your yearning bankster masses seeking a new challenge."

barliman

Tue, 07/31/2012 - 00:00 | 2664140 Missiondweller
Missiondweller's picture

Pretty damn impressive Tyler.

ZH should get an award for doing the journalism others won't.

Tue, 07/31/2012 - 12:11 | 2664225 cbxer55
cbxer55's picture

BUT! BUT! BUT! James Howard Kuntsler says you are vermin. Seriously, he needs to crawl back under whatever rock he crawled out from under. 

"The characters who infest their comment section are some of the worst vermin in trolldom."

Up arrowed ya, btw.  ;-)

Tue, 07/31/2012 - 00:10 | 2664147 bob_dabolina
bob_dabolina's picture

This simply reinforces the fact that we have a completely corrupt, incompetent, and impotent justice and regulatory edifice. It is nothing more than a joke.

The S.E.C, Department of Justice, and every other regulatory organization and government around the world are the entities my anger is directed at. They have missed everything from Madoff to this. Just what the fuck are they there for anyway? (don't answer it's rhetorical)

They are all a bunch of fucking cunts. And we are a bunch of mindless sheep constantly voting in politicians that are pieces of shit and failing to hold them accountable. Too bad they are too busy doing something important, like making sure some TSA agent gets a handful of my cock before I get on a flight.

Tue, 07/31/2012 - 05:02 | 2664323 Vet4RonPaul
Vet4RonPaul's picture

bob, i certainly agree that the regulators are like some girls i dated; lame, dumb and blind.  However, the consistent and common root cause is not the regulators but the US/EU/etc governement's willingness to socialize the losses that the elite would otherwise get hammered with in a free market.  The elite have no incentive not to take huge risks, even risks that are illegal, because the regulators will be told to either drop it or reduce it to the point of being meaningless.  The TBTF are to be bailed out regardless if their losses come from legal or illegal transactions, reasonable or stupid transactions, etc.; That is, they get bailed out no matter what, no matter how much.  They are the King and you are the Serf.  Get used to it or take action.

Tue, 07/31/2012 - 00:17 | 2664150 Dubaibanker
Dubaibanker's picture

Singapore should remain relatively unscathed, despite ZH's assertions IMHO mainly because, just like BNP bank, Singapore has avoided any major scandals, thus far. Come on, you gotta give the rising 'Merlion' Singapore some credit for not being involved in money laundering, Libor or black money hole, nor even a good ol' real estate scandal.

Singapore is the base for many bankers, since Singapore is more welcoming and robust than HK or Shanghai or for that matter Mumbai and is the defacto trading / wealth management hub for Asia, duly supported by the Govt, going as far as Australia, with the major benefit of time zone to its side. Singapore perhaps was the only country where a rich investor could place SGD 5m until Jan 2011 and SGD 10m until Apr 2012 and invest in ANY investment of one's choice and get a Permanent Residency, this was scrapped in April 2012 due to the heavy Chinese influx. Singapore operates when Australia/NZ/HK/China/Japan/Middle East/India etc are also open. Same thing as London operating when NY/Europe/Middle East also operate, bridging a gap. This attracts many banks from around the world, and hence the note of ZH, and its many rogue traders. MAS does a good job of regulating these 'animal' bankers which is why they have avoided scandals until now, and the enforcement works because Singapore, aside from Ireland, is one of the only 2 countries where bankers have been caught and are going through the due court process. Is it some coincidence that a Israeli bank quit Singapore last month?

There are many 'challenges' in this world, but Singapore may not be one of them, IMHO.

Tue, 07/31/2012 - 08:03 | 2664512 Coldfire
Coldfire's picture

Singapore not involved in money laundering? Dude, step away from the crack pipe. Singapore - money laundering = zero.

Tue, 07/31/2012 - 08:56 | 2664642 Dubaibanker
Dubaibanker's picture

Maybe you are right...but..have you ever tried to open a bank account in Singapore? Do you know anyone who lives there? Do you know any Govt persons there? Can you provide me any news or datapoint or statistic or hearsay that money laundering is more prevalent in Singapore than NY, London, Mexico or anywhere else?......... Sure, they receive money from China, but who doesn't?

Tue, 07/31/2012 - 14:55 | 2665892 RPollack
RPollack's picture

Singapore has always been a Brit/Rotscum bastion. With all the opium and later heroin trafficking this mafia (as well as their Rockefux and Bush CIA offshoot) has been carrying on in this part of the world, it would be very strange if there was no drug trafficking and money laundering goingon there. Wait. HSBC banks there, right? Enough said.

Tue, 07/31/2012 - 16:13 | 2666260 philipat
philipat's picture

Singapore? Disneyland with the death penalty. For chewing gum.

China in a "Democratic" disguise. A one-party state with "Elections", Government controlled media and no freedom of speech or expression. China will look like Singapore in 20 years time.

BUT, it is clean, green, well organised, efficient and safe. No crime (See Item 1 above). The fascist social contract personified. Don't complain, don't think, vote for Nanny because Nanny knows best and Nanny will provide, so long as you are a loyal serf and don't expect too much.

Corporate paradise like Ireland. Low tax rates for Corporations AND individuals with long tax holidays for investments in "Strategic" industries. Insourcing therefore, not outsourcing. See all of the above for qualification.

But compared to today's US, I think it could be very easily argued that, for the 99%, it is a better place to live??

Discuss.

Tue, 07/31/2012 - 00:16 | 2664153 Duke of Con Dao
Duke of Con Dao's picture

man, that's like Three Days of the Condor

Tue, 07/31/2012 - 00:32 | 2664167 Darkness
Darkness's picture

This might be the best ZH post ever. The only "new challenge" I am looking to participate in is finding more gold. 

 

SPY bitchezzz

Tue, 07/31/2012 - 00:40 | 2664178 monopoly
monopoly's picture

And not one gets indicted, not one goes to jail. That is the kind of "new challange" all these scum deserve. with a good "cell mate".

Tue, 07/31/2012 - 00:45 | 2664184 YesWeKahn
YesWeKahn's picture

Look, I have a nanny position open, 5$/hour.

Tue, 07/31/2012 - 02:26 | 2664240 cnhedge2
cnhedge2's picture

2012 August FOMC Preview- Goldman

http://www.cnhedge.com/thread-9472-1-1.html

 

 

Tue, 07/31/2012 - 04:21 | 2664309 Ratscam
Ratscam's picture

Meeting point not second floor Sprungli at Paradeplatz, rather second floor aka aphrodisia or Al Leone at Bahnhofstrasse. Nicer and younger chicks.
Except for "se German" Seger, the other guys are low level, just playing along the scam. It,s about time for big squid hunting!

Tue, 07/31/2012 - 05:39 | 2664340 breakin'wind
breakin'wind's picture

rat nails it - local knowledge suspected.

Tue, 07/31/2012 - 04:38 | 2664312 Pretorian
Pretorian's picture

New Challange should be local JAIL!!! Thats second step , first bank break relation and after a year there will be scapgoated.

Tue, 07/31/2012 - 06:53 | 2664370 negative rates
negative rates's picture

Hey, lets go over to your house, and later sometime maybe we can go over to my house.

Tue, 07/31/2012 - 07:24 | 2664417 Ted Baker
Ted Baker's picture

POISSONESS ROTTEN BANKING AND CULTURAL SYSTEM AND CITY WITH UBS THE WORST OFFENDER OF ALL

Tue, 07/31/2012 - 07:30 | 2664431 buzzsaw99
buzzsaw99's picture

Racketeer looking for new challenge.

Tue, 07/31/2012 - 07:57 | 2664500 Coldfire
Coldfire's picture

In Soviet Ponzistan the new challenge is looking for you...

Tue, 07/31/2012 - 09:47 | 2664827 beaker
beaker's picture

Thanks for keeping the flashlight on these fucking roaches, Tyler.

Tue, 07/31/2012 - 09:51 | 2664841 monad
monad's picture

I'm making a list, checking it twice, ... 

Tue, 07/31/2012 - 10:20 | 2664953 UGrev
UGrev's picture

Check it? trust me.. no one is coming off that list.. 

Tue, 07/31/2012 - 10:07 | 2664897 swmnguy
swmnguy's picture

If I remember correctly, one of the "status" options LinkedIn gives you on a dropdown menu is "Looking for a new Challenge."  Or you can write your own.

I opened a LinkedIn account a few years ago because a few people told me I should.  I have never asked anyone to "Join my network," or however they term it.  In return, I accept every single request I get.  It's my little experiment.

All I've really learned from my LinkedIn experiment is that every week, I get a listing of everyone in my network who has absolutely nothing to do.  There are a few people who seem to be going under in their professions, and they're always screwing around with LinkedIn.  Most of the rest of us are busy actually doing something (like trolling on ZH), and don't have time for LinkedIn.  Besides, we don't want everyone else in our network to know we don't have work.

Tue, 07/31/2012 - 11:20 | 2665174 Grin Bagel
Grin Bagel's picture

The forest is the enviroment, and the trees that seem to stay in the commentors eyes are the distractional games of the cancerous greedy. We all need to change focus while there may still be a chance and attack the cancers faster than they are attacking us.

Tue, 07/31/2012 - 11:47 | 2665271 Lost Wages
Lost Wages's picture

I have a "new challenge" for you. Try living on the streets as homeless bums, you fucking crooks.

Wed, 08/01/2012 - 03:45 | 2667872 ertgdg
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