Broker Involved In Unsanctioned “Wolfpack Ragematch” At New York Athletic Club Not Going Down Without A(nother) Fight

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At a brief court appearance yesterday, prosecutors said they want one of the three men — Peter Doran, 28, of Glen Head — to serve a half year in jail for throwing punches during the April 13 fracas. Doran allegedly threw the first roundhouse against another guest at the NYAC’s usually sedate second-floor Tap Room. Prosecutors also said they want a second man, Matthew O’Grady, 31, of Glen Cove — accused of joining in on the fisticuffs — to serve eight days of community service. Both O’Grady and Doran said through their lawyers yesterday that they have no interest in pleading guilty to misdemeanor assault and taking the DA’s recommended sentences. “That’s no offer at all,” said O’Grady’s lawyer, Richard Leff. Prosecutors haven’t even made an offer to the young broker charged with causing the most severe injuries, Colin Drowica, 30, of Glen Head. Drowica allegedly punched another guest hard enough to fracture his eye socket. “We are conducting our own investigation,” said Drowica’s lawyer, Isabelle Kirshner. [NYP, earlier]

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Broker Involved In Unsanctioned "Wolfpack Ragematch" At New York Athletic Club Will Not Be Getting Off

Remember the fight that broke out at the New York Athletic Club last month, which a witness described as a "nondiscriminatory ragematch" involving "young people, old people, girls, members, and nonmembers," which started as a tiff over a woman and "escalated into a brawl involving three fighting wolfpacks," wherein "tables were overturned or moved to the room's periphery to crate a lion's pit for the battle," a "fat pudgy kid came out of nowhere, laid out a larger man with a blow to the head and was tackled by a crowd," approximately two noses were broken, and the police made three arrests? Oddly, it looks unlikely that the guy who did "the most damage" (to people's faces) will be walking away with a slap on the wrist. Manhattan prosecutors aren’t cutting any slack for the handsome broker charged with doing the most damage at an unbridled bar brawl at the otherwise stodgy New York Athletic Club. The DA's office is not making any plea offers for Colin Drowica, 30, of Glen Head, LI, prosecutors said yesterday, as the glum-looking alleged brawler stood before a criminal court judge in a gray business suit. Drowica, a director at Knight Capital, is charged with harassment and misdemeanor assault — which carries up to one year jail — for allegedly punching another man in the club’s Tap Room with enough force to fracture his eye socket. Drowica then joined with fellow North Shore resident clubgoers Peter Doran and Matthew O’Grady in allegedly beating the heck out of a second man during the April 13 free-for-all. Manhattan DA not pulling any punches in charging broker in NYAC brawl [NYP]

RBS Trader Whose Instant Messages Clearly Show Him (Allegedly) Engaging In Libor Manipulation Not Going Down Without A Fight

One thing that most people probably agree on is that having their instant messages, e-mails, and phone calls 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 is 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. The conversations among traders at RBS and firms including Deutsche Bank AG illustrate how the risk of abuse was embedded in the process for setting Libor, the benchmark for more than $300 trillion of securities worldwide......Tan, the bank’s former Singapore-based head of delta trading for Asia, [is] suing Britain’s third-biggest lender by assets for wrongful dismissal after being fired last year for allegedly trying to manipulate the London interbank offered rate, or Libor. Tan, who 'allegedly' tried to manipulate the London interbank offered rate, also included this conversations as part of his defense: “What’s the call on Libor,” Jezri Mohideen, then the bank’s head of yen products in Singapore, asked Danziger in an Aug. 21, 2007, chat. “Where would you like it, Libor that is,” Danziger asked, according to a transcript included in Tan’s filings. “Mixed feelings, but mostly I’d like it all lower so the world starts to make a little sense,” another trader responded. “The whole HF world will be kissing you instead of calling me if Libor move lower,” Tan said, referring to hedge funds. “OK, I will move the curve down 1 basis point, maybe more if I can,” Danziger replied. And this: In another conversation on March 27, 2008, Tan called for RBS to raise its Libor submission, saying an earlier lower figure the bank submitted may have cost his team 200,000 pounds. “We need to bump it way up high, highest among all if possible,” Tan said. Tan also asked for a high submission in an Aug. 20, 2007, instant message to Scott Nygaard, global head of RBS’s treasury markets in London. “We want high fix in 3s,” Tan said in the message. “Neil is the one setting the yen Libor in London now and for this week and next.” Also this: “It’s just amazing how Libor fixing can make you that much money or lose if opposite,” Tan said on an Aug. 19, 2007, conversation with traders at other banks, including Deutsche Bank’s Mark Wong. “It’s a cartel now in London.” And this philosophical one, for good measure: “This whole process would make banks pull out of Libor fixing,” Tan said in a May 16, 2011, chat with money markets trader Andrew Smoler. “Question is what is illegal? If making money if bank fix it to suits its own books are illegal... then no point fixing it right? Cuz there will be days when we will def make money fixing it.” The defense rests. RBS Instant Messages Show Libor Rates Skewed for Traders [Bloomberg] *Although actually people who do this probably don't even have the good sense to be ashamed of themselves.