RBS Trader Whose Instant Messages Clearly Show Him (Allegedly) Engaging In Libor Manipulation Not Going Down Without A FightBy Bess Levin
One thing that most people probably agree on is that having their instant messages, e-mails, and phone call transcripts end up court would be cause for at least a little embarrassment. Everyone’s thrown in an emoticon they aren’t proud of, some of us have used company time to chat with significant others about undergarments, and the vast majority of workers have spent a not insignificant amount of the workday talking shit about their superiors. Of course, the humiliation gets ratcheted up a notch in the case of people who ‘haha’ (and in extreme circumstances ‘hahahah’) their own jokes* which, just for example, involve habitual Libor manipulation. Tan Chi Min knows what we’re talking about:
“Nice Libor,” Tan said in an April 2, 2008, instant message with traders including Neil Danziger, who also was fired by RBS, and David Pieri. “Our six-month fixing moved the entire fixing, hahahah.”
And while having such an exchange become public would be tremendously awkward for most, you know what’s really ‘hahaha’ about this whole thing? That 1) Tan was the one who wanted people to read the above, which was submitted as part of a 231-page affidavit earlier this month and 2) He’s trying to use it as evidence that he didn’t deserve to be fired. Read more »
Remember the Galleon insider trading case? It’s still going on, and most recently, a federal judge has been asked to decide whether or not Raj Rajaratnam’s instant messages can be used in next year’s trial. Raj’s attorney’s, of course, would prefer the conversations to not be fair game, on the off chance he sent any messages to anyone with regard to the whole trading on material non-public information thing but there are others, too, who would like to avoid seeing the big man’s IMs going public.
For instance, there’s Stanley Druckenmiller, who spoke with Rajaratnam “regularly” prior to his arrest, in addition to Jim Pallota and Paul Tudor Jones, all of whom were in a fantasy football league together. None of the other men have done anything wrong but they would likely just prefer to avoid having their (screen)names mentioned in the same breath as an accused criminal. To that end, while she’s all good legally, a “longtime analyst” at George Weiss Associates would rather not have it come to light that she may have had a thing for ole Raj Raj. Read more »