Ex-Trader Has New Full-Time Job

Author:
Jon Shazar
Updated:
Jan 14, 2019
Original:
Nov 10, 2014

The impeccably-named Noel Cryan used to have a full-time job working for Tullett Prebon. Then he found himself accused of being part of that whole Libor thing, and didn’t anymore. Cryan decided to use some of his newfound free time suing Tullett Prebon, time he apparently wasn’t using to fight the criminal rate-rigging charges against him.

Hopefully Noel likes the time he spends in court- and law-firm conference rooms, because (allegedly!) fucking with Libor wasn’t the only (allegedly) shady thing he was (allegedly) doing.

Tullett Prebon said the by the Financial Conduct Authority was conducting an inquiry into purported “wash” trades, transactions that are considered risk free and conducted simply to generate commissions.
The brokerage firm said one of the former employees is Noel Cryan, who is facing separate criminal proceedings by the Serious Fraud Office of Britain in an investigation into potential manipulation of the London interbank offered rate, or Libor, a global benchmark interest rate.

Former Trader Ensnared in Libor Case Faces Another Inquiry [DealBook]

Icahn.Ackman

Vengeance before country.

Joseph Ackerman is here to save the Bank of Cyprus.

Kocherlakota

Narayana Kocherlakota throws his hat into the Fed chair sweepstakes.

My time in the financial industry entirely postdated the global research settlement, which means that I have a different view of sell-side research from some of the olds. As far as I can make out, there are people who think that investment bank research was once a demonic scheme in which research analysts - larger-than-life figures whose recommendations were irresistible to the retail investors who in this vision bought all of every pre-2003 stock offering - swindled those besotted retail investors into buying crap stocks at inflated prices so that the banks could get gigantic investment banking fees. Whereas I always thought that investment bank research was a sort of cute endeavor of unclear commercial purpose, taken skeptically by the institutional investors who buy most of every post-2003 offering, made fun of by bankers, and conducted by people whom we never saw because, among other things, our network was set up to prevent them from emailing us and vice versa. Perhaps before the settlement giants roamed the halls of research divisions, defrauding investors with abandon, but once their email was cut off from the bankers' email they retreated into mousy irrelevance? Unclear. In any case THEY'RE BACK BABY, sort of:

Have 7 figures coming their way.

By Amar Karodkar [CC BY-SA 4.0], from Wikimedia Commons

Atul Gawande’s got this, in his spare time.

Izzy Englander

And Ken Griffin’s Floridian fantasies are a few million dollars closer to reality.

John Hempton, come on down.

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