The Tricks Of The Trade Explained.
I am going to start a continuing series on how Wall Street Rips people off. The things that happen on Wall Street Trading Desks are downright stomach churning. In the upcoming months I urge you to not eat before you read the posting. Or better yet, it can be dietary stimulant for the ones who are watching their weight. Eat...Read...Throw Up.
Just a little background, I used to be a mortgage backed securities trader for two huge investment banks in the 90's and early 2000's. I am not naming names to protect the innocent, as these firms were far from it. They are all crooked. Lets just say they are very well known and have taken TARP money.
I also traded treasury securities much earlier in my career at yes another TARP recipient firm.
I have basically traded it all in fixed income land from High Yield to Zero Coupon (CATS,COUGARS, TIGERS).
I started out on the overnight/Repurchase (REPO) desk and made my way all the way to principal mortgage trading.
What I am going to explain to you in the coming weeks and months actually goes on on Wall Street desks. You name it, we do it.
Its much worse then Boiler Room ever was.
Just because we wear Zegna Suits and Armani Shirts didn't make us a whole lot different then the guy who wears K-Mart clip on ties pitching penny stocks. There is no difference from Harvard/Wharton/Stanford/Tuck/Darden to Queensboro Community College/School Of Hard Knocks.
Its all in the packaging and delivery.
So keep an eye out today for Part One - Front Running.
I only do this as an educational tool for the masses, not some sort of penance.
Traders are like magicians. We don't want to give up our secret sauce or magic tricks.
Isn't that the reason Goldman Sachs flipped out about the programmer stealing the code?
The only proprietary information that Wall Street wants to protect are the scams they run everyday. Code is not valuable.
So If I die like Bruce Lee you will know who did it.
That are you can blame Wilfrid Brimley.
I cant wait.
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