Perhaps there is a reason why Morgan Stanley is 'giving up' on its fixed income business. It seems, yet again Morgan Stanley has hired an ex-Goldman Sachs criminal [6] opportunistic trader. Glenn Hadden, the very head of interest rate trading at Morgan Stanley, has been found guilty of engaging in trading that violated CME rules in Treasury futures on December 19th 2008 - while was employed by Goldman Sachs. While Goldman faces a $875,000 slap on the wrist, Hadden, somewhat remarkably will face a mere $80,000 fine and the wonderfully timed (given the summer doldrums) 10-day suspension from trading. Doing God's work wherever they trade... that'll teach him! And now, back to Glenn manipulating buying and selling the 10 Year.
Seems he was a seller...
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