Area Financier Wants To Tear Down This Wall And Go Where People Appreciate What He Does For The Economy, Supermodels Invite Him To Go Rollerblading

Author:: Bess Levin
Updated:: Jan 14, 2019
Original:: Mar 19, 2014

It was yet another average wintry day on the Upper East Side navigating the onyx, iced streets. “I feel like I’m living in East Germany or Moscow,” a Wall Street friend said, taking a spoonful of anemic chicken noodle soup and saltine crackers at a local diner ($5.90) because it was too frigid to venture East of Lexington. “This weather really has me down,” he shivered, wrapped in a khaki wool coat and a Russian-style military hat. “And then you realize you’re out of favor and that everyone hates you,” he complained. “How can you say that?” I asked in disbelief. “Who hates you?” “Them,” he shivered, eating the lonely saltine left in the cellophane wrapper, crumbs pouring onto his rough, woolen trousers. “We used to run this town. Now I feel like they want to run us all out.” [...] “Who says I have to live here?” [another] financial whiz said. “I mean seriously. First it was Occupy Wall Street. Now it’s a tale of two cities,” he said. “All I do is work 23 hours a day, provide the tax base and make donations to every charity, and suddenly I’m maligned. Who says I need to be here when I can be living in Miami, with no state income tax, rollerblading with Brazilian supermodels in string bikinis?” [NYO]

banking culture

You call that a push-up? Bet your girlfriend's new man knows how to do a push-up.

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.