[Cross-post from SuperMogul]
According to a tip from one of our readers, two men were fined yesterday on the floor of the American Stock Exchange for 'conduct unbefitting of an exchange member.' A heated verbal exchange and near melee occurred between a broker from Israel A. Englander and a market-maker from G-Bar Trading.
The exchange that was shouted for the entire floor to hear, roughly paraphrased:
G-Bar market-maker: You’re a fatboy… fatboy, fatboy, fatboy, fatboy, fatboy!
Israel A. Englander broker: Go have some gay sex, you like it rough, you're gay, gay, gay!
Strangely, there was more to the conflict than a disagreement about the propensity to overeat and engage in rough gay sex (not two of the American Stock Exchange’s new structured products). Here’s what happened:
Basically the broker was representing a customer order on the floor (in the pit), found a solicited party off-floor to fill the customer's order, was filled on his resting order by market-makers before actually indicating the presence of the solicited party... and then tried to cut all of the market-makers out of the trade in order to let the solicited do it all. Scummy at the very least, leading to the scene that now simultaneously haunts my nightmares and delights my daydreams.