• News

    U.S. Tax Authorities Have Skied Enough

    The Justice Department’s tax-cheat division is ready for some fun in the sun.

    / May 28, 2014 at 10:30 AM
  • News

    The Bitcoin Bugle: Embraced By Disneyland With the Death Penalty

    Singapore is not exactly a libertarian paradise, but it welcomes the benighted bitcoin—on its terms, of course.

    / Mar 14, 2014 at 4:00 PM
  • Wish I'd thought of that.


    Singapore Fines Some Sibor Manipulating Banks, But They Can Have The Money Back If They’re Good

    The FX market’s entry into the Great Libor Scandal Lookalike Contest may have been a little underwhelming1 – Libor, a made-up number, was manipulated by making up a different number; the FX market’s WM/Reuters benchmark, which was derived from actual trades, was manipulated by actually trading – but the judges deemed it adequate: “All benchmarks […]

    / Jun 14, 2013 at 10:22 AM
  • UBS (1)


    Cunning 17-Year-Old Prostitute Tricked Me Into Sleeping With Her, UBS Executive Says

    That girl took advantage of him, says lawyer.

    / Mar 19, 2013 at 2:16 PM
  • oliverdesbarres


    Barclays’ (Now Former) Head Of FX Strategy In Asia Has A Moment

    Have you ever had construction going on nearby your home? Was it loud? Annoying? Did keep it keep you up in the middle of the night? Did you seriously consider opening your window and screaming “Hey! Shut the hell up down there!” or even confronting the people making all that racket face to face? Olivier Desbarres can relate. Or at least he can half relate. Because while most of you were probably talked out of making some sort of scene, either by your significant other or your own impulse control, on October 20th Desbarres decided to go in another direction, the one that involved introducing himself to the construction workers building a house near his own by screaming “I’m gonna go after you, I will haunt you, I’m gonna burn your fucking house down, I will find your fucking family,” a task he noted would be fairly simple and straightforward (“I can find [them] very easily,” he explained, “I’m a man with resources”), in case there were doubts (a fairly reasonable concern, as there are a lot of people in Singapore and how were these guys supposed to know he had an army of Barclays researchers at his disposal?). 

    Still worried that the group wasn’t taking his threats seriously on account of the casual look he was sporting that morning– shorts and sandals– Desbarres then picked up some sheet metal and launched it in their direction, presumably to demonstrate he meant business.* Although that would have been a good time to make his exit, at that point Desbarres noticed that one of the men had been recording him without his consent, leading to:

    “You’re filming me? You think that’s good? Put your fucking phone down because I’m going to wait for you to come out and take that phone and shove it up your fucking ass.”

    According to one local publication, this whole thing started because the construction crew began working at 8:45am one day in October instead of 9am, the time Desbarres preferred. In related news, according to a person familiar with Barclays’ policies concerning construction site meltdowns, “We consider such behavior and language unacceptable. It does not meet the high standard of conduct that we expect of our employees.” Desbarres, who is no longer with the bank, has not yet returned Dealbreaker’s call for comment.**

    Foul-mouth foreigner threatens workers and warns he will hunt down their families [Stomp]
    Barlcays Far Too Candid Camera [Sunday Times via Ian Fraser]
    Barclays Capital Appoints Olivier Desbarres as Head of FX Strategy, Asia-Pacific Ex-Japan [BarCap]
    Related (re: Barclays employees losing their shit in public): Barclays Global Head of Investment Banking Writes Tear-Stained Letter To Son’s School, Demands Teacher’s Firing For Trash Talking Barclays, Making Son Cry

    *Insane ranting + shorts + sandals can leave room for interpretation re: is this guy serious or not; insane ranting + shorts + sandals + grabbing whatever shit from a construction site is within arm’s reach and throwing at people is generally– though not always!– pretty clear. 
    **Possibly because we called in the middle of the night local time and he is on his way to New York to throw a piece of sheetrock at us; you know how he gets when his sleep is interrupted. 

    / Nov 8, 2012 at 1:39 PM
  • News

    RBS Traders Have Yet To Find Anything They Don’t Like To Manipulate

    Just because their manipulation of Libor has gotten the most notice doesn’t mean it’s the only thing like to mess with. Don’t box them into that corner, like your one-trick ponies at Barclays.

    Royal Bank of Scotland suspended a trader for trying to rig the Singapore dollar swap offer rate, indicating employees may have sought to manipulate more than just Libor, two people briefed on the matter said. Senior trader Chong Wen Kuang was put on leave earlier this year for trying to rig the interest rate to benefit his trading position, said the people who asked not to be identified because the bank is probing his actions. He is the first RBS employee to be suspended or fired for attempting to rig a benchmark other than the London interbank offered rate, one of the people said.

    RBS Said To Suspend Trader Of Interest Rate Rigging [RBS]
    Earlier: RBS Trader Whose Instant Messages Clearly Show Him (Allegedly) Engaging In Libor Manipulation Not Going Down Without A Fight

    / Oct 5, 2012 at 3:43 PM
  • News

    Layoffs/Hiring Watch ’11: Goldman Sachs

    As you may have heard, Goldman Sachs, like a bunch of other banks, is bracing for some upcoming layoffs. But there is heartening news yet! Should you get the ax and not be able to imagine working for any other firm (after waking up each morning with the possibility of interfacing with, brushing up against, […]

    / Jun 27, 2011 at 4:51 PM
  • MBAs, News

    INSEAD Has Ways Of Dealing With MBA Students Who Can’t Keep Their Pants On

    One point for the CFA track. From: Student Council – Social Reps Subject: Campus Exchange – Update on Restrictions Dear all, As some of you are aware, the MBA office has decided to put in place certain restrictions on the campus exchange. Since the beginning of this year, and particularly in January/February, some students have […]

    / Apr 8, 2010 at 2:00 PM
  • News

    A Warning For SAC’s New Singapore Team

    That (alleged) Ping Jiang stuff will not fly in the city-state. SAC Capital grows in Asia with Singapore office [Reuters]

    / Dec 4, 2009 at 10:29 AM
  • News

    Sulking Singapore Loses Status As Top Tax Haven

    Tax cheats are fast running out of tax shelters. The latest to submit to international standards are Singapore and Liechtenstein. The former was removed from the OECD’s “grey” list on Wednesday and the latter today, after it signed its 12th bilateral information-sharing agreement with (ugh) the French. The city-state sought to reassure the many tax-evaders […]

    / Nov 13, 2009 at 5:25 PM

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