pretty good explanations

Time was, RBS had a lax policy on its employees manipulating the price of securities. It wasn’t something management had ever expressed a problem with and certainly no one was going to get fired for doing so, if it was even noticed, which typically it was not. Which is why trader Alex Mallinson felt comfortable engaging in a little market abuse, and why Alex Mallison would’ve continued engaging in a little market abuse, if one guy hadn’t come along and ruined things for the whole group. Read more »

Something you may have picked up on when watching CNBC interviews is that if an anchor or a reporter has fond feelings for his or her interviewee, he or she often finds them difficult to suppress. Joe Kernen, for example, more or less fellated David Tepper when the hedge fund manager appeared on Squawk Box a while back, telling Tepper his “entire body had chills” at the thought of having him on set (Bill Murray received the same treatment last Friday). To that end, maybe you saw Darren Rovell’s interview with Kate Upton?

On Tuesday, the CNBC reporter sat down with the Sports Illustrated‘s swimsuit edition cover model. While it’s tradition for Rovell to do so, having chatted with Irina Shayk, Brooklyn Decker, Bar Refaeli, and Marissa Miller when it was their times to shine, this year was different, because, according to Rovell, he and Kate have something special. In order to show the world what they’ve got going on, Rovell first penned an op-ed for CNBC.com noting why SI *had* to put Kate on the cover and then, later, during the live interview, got down on one knee and asked Upton to be is Valentine. Her turning him down was not even the most awkward part! Rather it was the icing on the trainwreck of awkward that included the fact that 1) Mrs. Rovell is due to give birth to their first child in a couple days and 2) that he got down on one knee, perhaps thinking in that split second between him getting into a position generally reserved for proposals and asking his question, 19 year-old Kate would shout “Yes, I’ll marry you!” and they’d run away together. While D-Rove thought all was good, he heard that some people found the exchange a bit odd and this morning sought to set the record straight on WFAN. Read more »

  • 29 Jun 2010 at 12:37 PM

FSA Sets Dangerous Precedent In Drunk Trader Case

I’m not promoting alcoholism, but like so many things in life, there are some activities many of you are better at while under the influence. Sadly, in London, one guy had to ruin it for the whole group. Steve Perkins, the oil trader who bought 7.13 million barrels of crude oil on behalf of his firm after “a drunken golf weekend” has been fined £72,000 and banned from the industry for a minimum of 5 years.

The 34-year-old, who lives in Brentwood, was a senior trader for PVM in the West End when he went on his spree last June. Working from a laptop at home after a weekend playing golf, he was able to move the oil market by engaging in huge amounts of speculative buying at ever-higher prices. In a statement, the FSA said: “Mr Perkins’ explanation for his trading on 29 and 30 June is that he was drunk. He says that he drank heavily throughout the weekend and continued drinking from around mid-day on Monday 29 June. He claims to have limited recollection of events.”

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