Steven J. Karavellas, a former director of the New York Mercantile Exchange, pleaded guilty this afternoon to commodities fraud and tampering with evidence. For his role in illegal trading in natural-gas markets between September 2002 and May 2003, in a scheme that defrauded at least one individual investor, Karavellas will pay a $850,000 fine and go to jail for five months. RE the “Brian Hunter” picture: I don't think there's even a tenuous link here, 'cept that they were both natural gas traders. I just love that fish. And Blarney’s gone and I can do whatever I want. While we’re on the subject, I need to hit a quota of Ron jokes for the day/week/month he’s away, and at the time will be officially taking submissions from the field.
7 Charged in NY Mercantile Probe [AP]
Posted by guest , Apr 08, 2008 2:13PM
did EP give up or something? Not a single post today.
Posted by guest , Apr 08, 2008 2:14PM
Dead fish and 'natural' gas. Two things that *still* don't stink as much as Wall Street.
Harvey Johnson
Posted by guest , Apr 08, 2008 2:18PM
Nymex natural gas floor traders cheat ?!?!
-The Forehead Slapper
Posted by guest , Apr 08, 2008 2:19PM
ep might be enjoying some of her vacation instead of posting db
Posted by guest , Apr 08, 2008 2:23PM
I knew it i KNEW shawn farney was the one stifling the pictoral creativity around here!
Posted by guest , Apr 08, 2008 2:26PM
Don Smarmy?
Posted by guest , Apr 08, 2008 2:31PM
A natural gas floor trader is working late in his office doing Mark Fisher math one night when the Devil appears before him and says, "I know you fantasize about being the biggest, baddest natural gas futures trader ever known. I can give you that power and prestige. All you have to do right now is sign over to me the souls of your wife and your children....." The natural gas trader looks at Satan warily and says, "Oh yeah? Come on now. What's the catch?"
Posted by guest , Apr 08, 2008 3:30PM
i hear that Eric Bolling, the guy from fast money, is the next one to be taken away in cuffs.
Posted by guest , Apr 08, 2008 4:24PM
@3:30 Bolling hasn't been on FM in months. He's now on Fox.
Posted by guest , Apr 08, 2008 4:33PM
@3:34
Since you obviously know so much about Bolling can you enlighten us as to why he will soon be hauled away in handcuffs?
Posted by guest , Apr 08, 2008 4:34PM
same felon, different channel
Posted by guest , Apr 08, 2008 4:57PM
@4:33 you mean front running is against the rules.....sorry, RIP all floor traders, your value since the internet was invented is < the union assembly guy working in Detroit
Posted by guest , Apr 08, 2008 5:00PM
is the infamous BH fish (see BC) picture from a GS boondoggle?
Posted by guest , Apr 08, 2008 5:06PM
@4:57
I assume you have proof of this otherwise you wouldn't be making these allegations. Don't misunderstand me, I agree with your comment about the internet and floor brokers having no value but that's different than accusing someone of front running. Couldn't the same allegation be made about just about every firm on the street? If you think floor brokers front run I assume you think GS, LEH, MS and the others engage in this tactic as well?
Posted by guest , Apr 08, 2008 5:07PM
RIP floor traders? Maybe not. See NY Times op ed (was it this AM? - seems like ages ago, but its been that kind of day) piece on pit signals/open outcry at Chi Merc. They can signal faster than you can type or write.
Posted by guest , Apr 08, 2008 5:11PM
@5:07 no they can't
Posted by guest , Apr 08, 2008 5:11PM
@5:07 here again. Hey DB, thought that OpEd on open outcry would be commented on. Don't you guys read the Times? Its like last week when it took you like 14 hours to notice the Barron's article on Greenspan's hastily written master's thesis. Jeez...
Posted by guest , Apr 08, 2008 5:16PM
@5:06 sorry, (and I realy reserve this for special occasions), "deutschbag" but I don't need without a reasonable doubt proof to make "allegations" on an internet message board, if you don't think everyone from the pit to your helpful marketer at GS or the private bank in CH doesn't front run then........you proably live in ohio
Posted by guest , Apr 08, 2008 5:17PM
0.01 checks on the way
Posted by guest , Apr 09, 2008 9:19AM
we'll see where this all shakes out. no way this guy Kavellas plead so quickly without the prospect of being able to indict others. the choir boys on the floor of the nymex are saying RBI, surf, trot, and mbf are next.
Posted by guest , Apr 09, 2008 9:25AM
maybe kavellas quick plea was because he did name names and explain it all....