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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Comments (16)

  1. Posted by Hobbes | January 14, 2014 at 2:18 PM

    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. Posted by Brilliant Idea | January 14, 2014 at 2:19 PM

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

  3. Posted by JPM Rates Desk MD | January 14, 2014 at 2:21 PM

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

  4. Posted by guest | January 14, 2014 at 2:31 PM

    What about an air wank?

  5. Posted by Guest | January 14, 2014 at 2:34 PM

    I thought you just started yelling "tippy toe"

    -art vandelay

  6. Posted by guest | January 14, 2014 at 2:35 PM

    here's a ringtone:[youtube W25_jgiY51I http://www.youtube.com/watch?v=W25_jgiY51I youtube]

  7. Posted by guest | January 14, 2014 at 2:37 PM

    bankers working on the rates desk?

  8. Posted by Guest | January 14, 2014 at 2:41 PM

    this is a sell ringtone
    [youtube rIos0ya-yss http://www.youtube.com/watch?v=rIos0ya-yss youtube]

  9. Posted by guest | January 14, 2014 at 2:41 PM

    hey!

    -g smith

  10. Posted by Guest | January 14, 2014 at 2:44 PM

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

  11. Posted by PippyLongSausage | January 14, 2014 at 2:59 PM

    You must be a real hit at parties

  12. Posted by Lazlo | January 14, 2014 at 3:05 PM

    Worst comment since 2007.

  13. Posted by Total package. | January 14, 2014 at 3:06 PM

    Brown eyes, double d's, likes Seinfeld, Bess is a rare bird. Out of all the pussycats in NYC, she is the one. She should try out for Millionaire Matchmaker.

  14. Posted by DD Connoisseur | January 14, 2014 at 4:18 PM

    You can't just go about making wild claims like that without proper pictorial evidence.

  15. Posted by klhoughton | January 14, 2014 at 5:23 PM

    Total package is offering to buy Bess those DDs. She needs no enhancement in that area, but we presume he's a T-Man running a sting.

  16. Posted by Turnip Truck | January 14, 2014 at 6:55 PM

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