Morgan Stanley Rogue Trader Lost $120 Million

Posted by John Carney, Jun 20, 2008, 9:01am

Matt Piper, the thirty-six year old trader accused of mismarking his book, may have lost nearly $120 for Morgan Stanley. But, even more stunning, he owns an embarrassing dog!

"A picture on social networking website Facebook showed him walking his dog, a daschund called Valerie," London's Times reports.

1Recommend this! 29Comments

Tags: Morgan Stanley, rogue trader

Comments

Posted by guest, Jun 20, 2008 9:30AM

Hey, leave the daschunds out of this!

Posted by guest, Jun 20, 2008 9:31AM

Dog, schmog- what's with that hat? Chester the molestor.... I bet he's urinating in that photo, Bess?

Posted by guest, Jun 20, 2008 9:33AM

they hire bozos with no character to begin with, and then wonder why this happens.

there is no honor among thieves.

Posted by ArtVandelay, Jun 20, 2008 9:36AM

MS heard of Piper's lofty ambitions to be a Central Park dog walker and were kind enough to put him on the accelerated trader program. Who says these banks aren't looking out for the little guys?

Posted by lift all the offers, Jun 20, 2008 9:39AM

Right ... trader marking his own book. Really super idea.

Better hope he doesn't end up like Craig Gile.

Posted by guest, Jun 20, 2008 9:43AM

There's a Piper down...there's a piper down!

Posted by Anal_yst, Jun 20, 2008 9:50AM

OMG this article is hilarious! Honestly read it, including such gems as, "Credit derivatives traders start work at around 6.30 and shout to each other across the floor in a bid to establish prices. Mid-morning is quieter and used to speak to clients, who are generally hedge fund bosses."

oH, soo thats what working @ an ibank is like!

Posted by Debter, Jun 20, 2008 9:57AM

HO-LY sh*t, a "So I Married an Axe Murderer" ref...

Posted by ArtVandelay, Jun 20, 2008 10:02AM

Oooh, that was offsides, wasn't it? Tonight he'll cry himself to sleep... on his huge pilla!

Posted by american bandersnatch, Jun 20, 2008 10:07AM

Kudos to guest @ 9:43

Posted by guest, Jun 20, 2008 10:18AM

A man who is tired of Dachshunds is tired of life.

-- Samuel Johnson [attributed]

Posted by guest, Jun 20, 2008 10:21AM

The link is to the Daily Telegraph, not the far less tedious and Liz Hurley/Israel-obsessed (albeit Murdoch-owned) Times.

Posted by guest, Jun 20, 2008 10:23AM

@Anal_yst: i know, i could not believe the fucking bile that this piece was coming out with. I loved the bit about traders often taking clients for dinner at "exclusive" Mayfair restaurants....yeah, thats right, traders always finish work and bring clients out for dinner. What the fuck are salespeople for?? Then there was the bit about 36yr old traders making £150k and being called "geeks" by colleagues...hmmmmm

Basically some quasi-journos attempt at putting their mis-understanding into print. Between this and The London Papers 'Cityboy' column the UK press are doing their best to spread the farcical inaccuracies.

Posted by guest, Jun 20, 2008 10:36AM

150K Sterling - yeah sure. Maybe when he was just starting out.

Posted by guest, Jun 20, 2008 10:38AM

These people don't fuck around, do they?

One dude mismarks his own book, the reporters are at the door of his girlfriend/wife and parents (!) seeking comment.

Cioffi and Tannin/Tanen/Tanin/ (I've seen about 12 spellings in various rags) trigger the demise of an entire firm and no quotes from the nannies or nothin'.

It's a shameful day to be American.

Posted by Anal_yst, Jun 20, 2008 10:46AM

@ 10:23

Hey, they all can't be Andrew Ross Sorkin

Posted by Ben_H, Jun 20, 2008 11:02AM

I'm told he traded options on CDX. I didn't realize that enough options on CDX traded that one guy's book could be plausibly mismarked to the extent of $120mio!

Posted by guest, Jun 20, 2008 11:03AM

FREE RALPH!

Posted by guest, Jun 20, 2008 11:05AM

@ Anal_yst - whilst indeed we can not expect the calibre of Dealbook in all biz rags, surely they can try to up their game somewhat. The Telegraph's biz coverage is an embarrassment to UK media, and this being a paper whose tgt mkt are supposed to the 'Upper Middle Class'. Then again, UK media is generally an embarrassment in itself. FT aside.

Posted by guest, Jun 20, 2008 11:21AM

American bandersnatch @ 10.07 - Amen to that, just made my day. "Would you look at the size of that noggin'?! It's like an orange on a toothpick!!"
-Scots lass

Posted by american bandersnatch, Jun 20, 2008 1:26PM

Most Scot's food is based on a dare (sorry Mum)

Posted by guest, Jun 20, 2008 1:36PM

I always hated the Colonel with his wee beady eyes. . . and that smug look on his face--"Oh, you're gonna buy my chicken!"

Posted by guest, Jun 20, 2008 2:10PM

The receiver of Kudos hath not a greater honor...congrats! "He puts an addictive chemical in his chicken that makes you craze it fortnightly smartass!"

Posted by guest, Jun 20, 2008 2:44PM

And one last one...

"Let's get pissed!"

Posted by stimpy tec, Jun 21, 2008 8:45AM

That's some exceptional investigative journalism there. Check out their source for the final quote about Matt Piper's character.

http://moneyistheway.blogspot.com/

Posted by Cincinnatus C, Jun 21, 2008 8:01PM

in one blog comment, stimpy tec has out-investigated a so-called legitamite member of the press.

Posted by Cincinnatus C, Jun 21, 2008 8:01PM

in one blog comment, stimpy tec has out-investigated a so-called legitamite member of the press.

Posted by Cincinnatus C, Jun 21, 2008 8:01PM

in one blog comment, stimpy tec has out-investigated a so-called legitamite member of the press.

Posted by Cincinnatus C, Jun 21, 2008 8:04PM

related: i'm watching what is basically a 'world's craziest video' show on msnbc, which they've converted into 'tv journalism' by adding a few minutes more of voiceover commentary.

shit is entertaining though..

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