SocGen Asia Strategist Has Near Fit On Bloomberg TV After Making It Clear That It's All The Blogosphere's Fault

Tyler Durden's picture

SocGen's Todd Martin, who is the bank's Asia equity strategist (and, despite being regulated, failing to disclose he worked at Morgan Stanley previously), appeared on Bloomberg earlier today to discuss the Volcker Rule and prop trading, against which the anonymous blogosphere had some very "strong views" back in 2009 before anyone had even considered prop trading. Sure enough, prop trading ended a few months later with the adoption of the Volcker Rule. Somehow, the topic of the Volcker rule shifted to the topic of whether or not Morgan Stanley is exposed to France, and its insolvent banks (ahem), and who is to blame. Take a wild guess on Mr. Martin's opinion in the matter: "For example one blog just a week ago, had a very, very strong view against Morgan Stanley. They quoted Sanford Bernstein who actually was telling people to buy the stock. And then they were quoting Gross Exposures not Net, and then concluding that Morgan Stanley had to go down and be dismembered [sic]. Now I have a serious problem with this.... If I get regulated why isn't this place regulated. It's also very dangerous because they are using psudonames [sic] and we don't know who they are. They could be the guy on the street. They could be a hedge fund dangling out information. It could be the head of a prop desk. Thing is it is supposed to be regulated. And they get their revenues from trading platforms on US soil. And I don't think it's fair. And I think the US should go and take a look and regulate the blogosphere. I think it's really, really out of control." In other words: it is all the blogosphere's fault.

Where does one start with that one. First, we understand why you are angry Todd: after all, your employer recently blamed the blogosphere for blowing out the spreads of SocGen, which then used the stress test part two to defend itself... You know, the same stress test that saw insolvent Dexia pass with flying colors if not in first place. Second, we inquire Todd and his regulators, to advise on how it is that he concluded that a "blog" had "very, very strong views" on a company when the only information presented was a blurb from a 10-K with the following advice: "We'll leave it up to readers to find the relevant number." Furthermore, the AB report was naturally quoted as follows: "As for the coup de grace in the AB report, it is this piece of rhetorical brilliance: "Over the last six months, there have been 5,600+ articles published by the press on the subject of "French Banks" and "Credit Risk". We believe Morgan Stanley's risk management staff and its trading units are fully aware of the highly publicized risks emanating from Europe and warnings about the firm's potential exposure to a European Sovereign crisis."" Apparently they were, and their only defense is "bilateral netting" which failed with an epic bang when AIG was nationalized, and had to hope and pray for mainstream media rumors and a wholesale market squeeze to send their stock higher, thus avoiding a death spiral.

Lastly we won't go into the accuracy of Mr. Martin's China predictions (we are happy to) and leave the question of "fairness" to those who may have followed his regulated advice. But our advice is this: Mr. Martin's credibility and future employment status is predicated upon his accuracy, not to mention how much money SocGen will be able to take out of taxpayers when and if it is forced to recapitalize shortly (which uber-regulated Credit Suisse seems to have some very, very strong thoughts about and believes it is the most undercapitalized bank in Europe). He should probably worry about that. And let the anonymous blogosphere worry about its own credibility. After all, if there is none, nobody will listen to it, even if "it is out there." If, however, it provides critical information that is missing because gentlemen like Mr. Martin are conflicted from telling the truth when their own job is at stake, then we say: onward, upward, and always twirling, twirling, twirling. Because without the natural filter to the endless bullshit that the sellside spews forth (where was Mr. Martin warning that Dexia was about to fail and actually saving people money for a change?), losses at the retail level would be orders of magnitude higher.

As for revenues, Mr Martin, it is all ads we are afraid: feel free to click on one or two, because we doubt we will be bailed out when we need a few billion in bailout funding.

Full truly hilarious clip of a sellsider having a near-nervous breakdown due to a blog. Fast forward to 4 minutes in.

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swissaustrian's picture

blogosphere = domestic financial terrorism

see you in the re-education camps, bitchez

101 years and counting's picture

but, it is 100% ok for that fatass liesman to go on national tv and make up silly rumors to get markets higher.


Bicycle Repairman's picture

Will I have to take out large loans for this re-education?  Will it make me more employable?

tarsubil's picture

After re-education with official data and analysis, you will be employed for the rest of your life.

Arius's picture

Hitler and Stalin (everyother dictator...) would love this guy .... how about identify these bloggers and sent them to gulag ....

talk about killing the messenger ...

SilverRhino's picture

The reason for HIS regulation is he gets PAID to give advice and malpractice insurance for investment bankers would be a bitch. 

Blogs are free.   No regulation.  What a fucking douchebag.   He's been infected by the asian mentality on free speech.  

Fukushima Sam's picture

Mr. Martin, the blogosphere eagerly awaits the day we get to force-feed you a shit sandwich.  We want to see you and the rest of your kind go down in flames.  You think this is out of hand, but you have seen nothing yet.  You fuckers with your pumped up kicks, will you be able to outrun what is coming?

redpill's picture


Funny that he uses the phrase, "out of control."  You're damn right it's out of control, that's the entire point of the blogosphere, and no one would read it if it was controlled by assholes like this.

living on the edge's picture

This guy is damn lucky there is a blogosphere where people can vent their anger. So far it has kept him safe.

ZerOhead's picture

I don't know about you but I think he's talking about that bombthrower Durden again.

Ty... time to regulate... we'll do it the same way as Wall Street.

Self-regulate! :)

First they ignore you... then they mock you... then they fight you... then you WIN!!!

CompassionateFascist's picture

Amon other things, Zionist bankster ponzi-schemers and the Left have this in common: they hate Free Speech. Facts triumph when people can speak their minds. Look at the way the blogosphere ripped down that ZOG false flag about the "Iranian used car-dealer terrorist"; making the TPTB...very....angry.

caconhma's picture

This guy is both an idiot and a liar.

He "forgot" to mention that he is paid for his services. The point is quite simple: when you are paid you are responsible for goods & services you provided for fees. Consequently, you must be regulated and you must carry an insurance to pay for damages resulted from your work.

CPL's picture

It's a thin line between slave ownership and employment for the sake of employment in this universe at the moment.


whoisjohngalt11's picture

Yes and Siberia is really lovely this time of year hahaha ...

Miles Kendig's picture

It's all the lubricant or absence of same after getting his marching orders from the C Suite.  Davey, I suspect he's just jealous he can't last as long at lunch as his betters can at breakfast.

Hard1's picture

This guy is the poster child of idiocy in Wall Street.  Blogs should be regulated or only Wall Street should disseminate financial information.  LOL.  Amount of money lost following Wall Street advise: Billions

SofaPapa's picture

"Regulating" blogs = censorship = Ministry of Truth.  It's amazing how scared these guys are gettting...

dracos_ghost's picture

But when FT and Bloomberg help us out with unsubstantiated rumors, that should be left untouched. Those damn bloggers and their facts muddying up things.

I like this quote:

- "The bottom was put in Oct 4th"

o - "Are you sure?"

- "I am definitely sure"

If this isn't a famous last words moment, I don't know what is.

Temporalist's picture

I hope someone gets a video on their smartphone of this idiot crying while standing in his own urine and feces after being completely wrong.

hedgeless_horseman's picture

Mr. October, Todd Martin, calling his shot on Bloomberg TV!

Maybe he should stop cruising Chinese casinos with his little kid, and instead get down on his knees everyday and pray to God that we don't see 1070, because the blogosphere won't forget his pretty, pink, petulence.

GeneMarchbanks's picture

Is it weird that I'm thinking about printing up your post and hanging it on my wall?

hedgeless_horseman's picture



Poor Todd never learned that picking bottoms is for monkeys.  Probably too busy with the speech therapists, but at least he got rid of most of his lisp. 


ceilidh_trail's picture

At least he's not picking his nose.

agNau's picture

My, my, we didn't get our "num-num's" today.
I noticed more that on the verge of crying appearance throughout.
If the OWS group ever focus's their rage in the correct spot, those tears will start and never stop.
From what I have seen, and what I have read about their backers, that will never happen.

Milton Waddams's picture

This bloke is an analyst on Asia?  Doubtful, as he would certainly know the ancient Asian proverb - rumored to have originated from the Japanese rice fields - that goes something like: 'man who picks bottom gets stinky finger'.

GoNavy's picture

This will probably be written on the guy's tombstone when he dies.

WonderDawg's picture

Watch his body language when he says what you quoted. It seems obvious to me he's lying.

Gief Gold Plox's picture

I've noticed something off with his body language too. Most notably at about 4:20 he start pounding his fist into his palm effectively making the producer change back to camera 1 (close-up) after being in full view on cam 2 for under 2 seconds. I'd interpret that as "I want to bash Tyler's face in". Beside the obvious constant blinking issue (unless it's an neurological issue a dead sigh he'd rather be somewhere else), it also appears as if he does not want to look into the host's eyes for some reason. Somethingabout him gives me the creeps.

But what do I know? I've only done a little research on expressions and body language. I hope we have someone with more expertise that can tell us more.

i-dog's picture

"I am definitely sure"

Check his body language as he says it: He's flat out lying.

[edit] Oops...Two dawgs singing a duet!

Bring the Gold's picture

LOL, well both of you are right. He actually nods no while closing his eyes! Amazing.

Jena's picture

I was disappointed that the camera was kept so tight on his face during the majority of the interview.  When they pulled back at the mid-point of the interview, the one hand smacking the palm of the other hand during his diatribe about the "anonymous blogs" was interesting.  It might have been equally illuminating to watch more of him through the rest of the interview.

StychoKiller's picture

Cognitive dissonance in action!

darkaeye's picture

Good one! 

Reminiscent of Bernanke's "factual" statement in 2007 "The sub-prime mortage issue is contained."

Amazing how these morons are so easily caught in their own traps.

--- - .. ... .... . .-. - --..'s picture

Nice Bottom Call. In the beginning he also said there was a high risk of severe downturn. Voice quaking the whole time.


Embarrassing desparation.




narapoiddyslexia's picture

He said high risk of downturn if EFSF not capitalized at €1 trillion.

What are the odds? What are the odds?


RSloane's picture

Exactly. He's whining because he wants to be the source of unsubstantiated rumors and disinformation. He and those online rags like FT and Bloomberg.

Raging Debate's picture

Ya, they always shoot the messenger. Criminals must get away with the loot even if they have to kill you for spilling the beans of where the getaway car is going. At least I posted how to trade it so maybe I'll get to make circuits instead of solar panels at da gulag. If you tell me to get into that oven though I am going down swinging. Fool me twice kinda thing ;)

thadoctrizin's picture

OT:  I just looked into the generous assistance provided to me as my business was destroyed by the recent flooding of Irene.  SBA disaster loan...4% 30 year term... sounds great, right?   NOT  read:

The worst part is, this is all in the "fine print".  Yeah take the loan, if you can't pay back we take the shirt off your back, don't even try to negotiate in bankruptcy.  JOKE

NotApplicable's picture

Good ole Benevolent Dictators. All your property are belong to us.

Sudden Debt's picture

I sure do hope we'll get roomservice....


Gyro Gearloose's picture

Room Service = Free Showers and Plenty of Natutal Gas HEAT!

Mohan's picture

After watchining his live meltdown, I kind of wonder if he lost of money in Morgan Stanley and is blaming Tyler for that. :)
Well done Tyler! We couldn't care less if you are anonymous. Keep speaking truth to the power.

NotApplicable's picture

For the record; while I'm not a big-shot, power player on Earth...

Gene Parmesan's picture

Amen. Keep it up. Keep "men" like this whining like petulent, spoiled children who don't get their way.

--- - .. ... .... . .-. - --..'s picture

Anonymity is the final refuge of honesty and the final check on power.



The tyrant wears the mask. You can not wear a mask.



schadenfreude's picture

He still does have some MS options from bonus payments at his former employer?

koperniuk666's picture

Is it only me that checks Tylers output?

Ive been back to the original data feed on maybe 15 occasions over last 6 months to double check Tyler and I ve not caught him out yet.  

And trust me Id let yoall know if he 'dropped a bollock' 

Well done Tyler

Nothing to fear if you speak the truth ( except if you work in Fin Servs, Government or Law)