Awww Yeah! Listen Up Party People!
The trading desk at Morgan Stanley UK is poppin’ off! If you like to throw around prop trading money without disclosing losses, enter orders every 8 seconds, or come back from a liquid lunch buzzin’ and ready to rock in the commodities markets, MSUK is the place to get down.
Let’s take the case of Matthew Sebastian Piper, a trader whom the FSA (Britain’s Financial Bobbies) recently referred to as “not a fit and proper person“. Oh, that dry British sense of regulatory humor!
Piper was all about trading, but wasn’t so into admitting to losses, you see. According to the FSA:
Piper deliberately mis-marked the positions he traded on behalf of Morgan Stanley and sought to hide losses by manipulating the processes the firm had in place to monitor trading activity.
But never fear, investing public…the amount the trader covered up, which Morgan Stanley just had to take a charge for, was peanuts…only $120,000,000. Raise the roof!
In other zany Morgan Stanley UK news, the party for David Redmond has just come to an end. Redmond rolls up to the desk like a rock star. Drinks at lunch, prop trading all day, and all of the night, even into the after hours.
Redmond’s style is to place an order, still liquored up from a boozy lunch, roughly every 8 seconds. There must be a ton of homework crammed into those 8 second intervals between trades. This frenzy of buying and selling came when Redmond realized he ended the day net short and was sporting a loss of about $10 million as a result of his drunken activity.
Although Redmond just received a 2 year ban from trading by the FSA, here’s why he’s a P.I.M.P.: Hangover and everything, the young man shows up at work the next day, and trades the remainder of the position off the books, with the entire adventure netting Morgan Stanley a small profit when all was said and done!
Rock and Roll, let’s wake up tomorrow and do it again!
So if you’re a trader who likes to play fast and loose with other peoples’ money and you’re looking to get out into the wide world to seek your fortune…polish up your resumes and head for Morgan Stanley UK, the swingingest desk of them all!