Yeah Put It On IT, That's Good. Everybody Hates Them Already, Anyway.


About a year ago, management decided to fire a bad trader. Unfortunately, one MD thought that another MD fired him and the other MD thought that one fired him. So, no one told him. Then, one day, he shows up for work and his key card didn't work to get into the building. He talked to security, and they let him up. Then, he couldn't log on to his computer. So, he called IT, and they told him he no longer works for us.

Earlier: Layoffs Watch ’08 Update: Citi CDO In '07


The Feds Are Struggling To Understand Why Mathew Martoma Won't Just Turn On Steve Cohen Already, God Damn It

"We have been remarkably successful in convincing persons to cooperate with the government, and provide evidence to us, and in court of law," SEC director of enforcement Robert Khuzami said during a press conference the day the government went public with its charges of insider trading against former SAC Capital employee Mathew Martoma. To the untrained ear, Khuzami probably appeared to be speaking to no one in particular, just sending a general message to any would-be criminals out there that once the government got to their co-conspirators, it'd be all over. No one wants to do time, and everybody flips. To those who've been following Operations Perfect Hedge, though, and have watched the Feds' relentless pursuit of Steven A. Cohen,  it was obvious they were sending a clear message to the Big Guy: "We got ya boy, and ya goin' down." And since its track record of getting people to turn on their colleagues and in some cases, their best friends (see: Noah Freeman/Donald Longueuil, and these guys, and these guys, and this guy) really has been "remarkably successful," and since Martoma has a wife and two young kids and his whole life ahead of him, Khuzami and Co. probably assumed they had this one in the bag. But not so.