Exactly What Kind Of “Hand Signals,” Ringtones Did Traders Use To Front-Run Fannie Mae, Freddie Mac?

van buren boys hand signal
Wall Street traders may be manipulating a key derivatives market and front running Fannie Mae and Freddie Mac, hurting the US-owned mortgage giants in the process, according to an FBI intelligence bulletin reviewed by Reuters. Using what Federal Bureau of Investigation agents described as “unsophisticated tradecraft,” such as hand signals and special telephone ring tones, some traders are conspiring to rig rates on large orders submitted by Fannie Mae and Freddie Mac, or front running them in the interest rate swaps market, the document says.Reuters, Jan 14, 2014

Are we thinking:

  • Marimba, for “It’s go time”?
  • A recording of “Believe it or Not George Isn’t at Home,” for when it’s NOT time to rig a rate?
  • Crickets, to indicate just sit tight?
  • Two tugs of the left ear means a huge order is about to be placed?
  • A shake of the head, and then, using one’s left hand as a shield, a quick thumbs down with the right, for throw the ping pong match?

Exclusive: FBI suspects front running of Fannie, Freddie in swaps market [Reuters]

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20 Responses to “Exactly What Kind Of “Hand Signals,” Ringtones Did Traders Use To Front-Run Fannie Mae, Freddie Mac?”

  1. Hobbes says:

    I heard that doing an air BJ (with the tongue in cheek) is code to get the derivatives traders ready for a new issue.

  2. Brilliant Idea says:

    Why not hire Thamsanqa Jantjie? I am sure he's got some time on his hands now.

  3. JPM Rates Desk MD says:

    Every middle finger I give to my junior bankers is another bip onto 3m libor

  4. guest says:

    What about an air wank?

  5. Guest says:

    I thought you just started yelling "tippy toe"

    -art vandelay

  6. guest says:

    here's a ringtone:[youtube W25_jgiY51I youtube]

  7. Guest says:

    this is a sell ringtone
    [youtube rIos0ya-yss youtube]

  8. guest says:


    -g smith

  9. Guest says:

    hey fbi, subpoena the tapes from the video cameras trained on the desk. you'll see the hand signals.

  10. Turnip Truck says:

    That sign-language interpreter fiasco at the Mandela memorial, finally explained…

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