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(Reuters)   FBI says a group of traders are conspiring to try to secretly fix the derivatives market by "Front running" Fannie MAE and Freddie MAC. Oh, and that said traders really suck at the whole "trying to be sneaky" thing   (reuters.com) divider line 55
    More: Fail, FBI, Freddie Mac, Fannie Mae, front running, interest rate risk, GSEs, stock traders, Libor  
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6029 clicks; posted to Main » on 14 Jan 2014 at 1:46 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-01-14 12:47:40 PM  
Fta:
"Using what Federal Bureau of Investigation agents described as "unsophisticated tradecraft," such as hand signals and special telephone ring tones, some traders are conspiring to rig rates on large orders submitted by Fannie Mae and Freddie Mac, or front running them in the interest rate swaps market, the document says. \

is that a case of too stupid to cover their tracks or being so jaded  as to the consequences that they aren;t even bothering anymore?
 
2014-01-14 12:50:06 PM  
They have the FBI right where they want them, thinking this is about fixing derivatives markets.  heh heh heh
 
2014-01-14 12:57:12 PM  

Magorn: Fta:
"Using what Federal Bureau of Investigation agents described as "unsophisticated tradecraft," such as hand signals and special telephone ring tones, some traders are conspiring to rig rates on large orders submitted by Fannie Mae and Freddie Mac, or front running them in the interest rate swaps market, the document says. \

is that a case of too stupid to cover their tracks or being so jaded  as to the consequences that they aren;t even bothering anymore?


Ummm... there are consequences?
 
2014-01-14 01:09:21 PM  
And yet the FBI has said that they don't think they can do anything about it since they're not technically or obviously doing anything illegal- so why SHOULD they bother being that secretive about it?
 
2014-01-14 01:20:41 PM  

Ashyukun: And yet the FBI has said that they don't think they can do anything about it since they're not technically or obviously doing anything illegal- so why SHOULD they bother being that secretive about it?


It's generally considered polite.
 
2014-01-14 01:39:01 PM  
Until we start stringing these traitorous fu*kers up, this will continue.
 
2014-01-14 01:51:00 PM  
"Fixing the derivatives market" is like trying to put a genie back into its bottle. Said genie works too well for those who run the game.
 
2014-01-14 01:52:00 PM  

Calmamity: Until we start stringing these traitorous fu*kers up, this will continue.


Baby, you buy the the farking rope and I'll find a nice tree.
 
2014-01-14 01:54:51 PM  
As long members of Congress can still do all the insider training they want.
 
2014-01-14 01:59:53 PM  

Calmamity: Until we start stringing these traitorous fu*kers up, this will continue.


For what crime?
 
2014-01-14 02:00:31 PM  

Jedbone: "Fixing the derivatives market" is like trying to put a genie back into its bottle. Said genie works too well for those who run the game.


I think they mean fixing as in "bid fixing", not fixing as in "making it work correctly".
 
2014-01-14 02:03:09 PM  
$50 to $100 million so we can count on them paying a $5 to $10 million dollar fine, not admitting guilt and resuming business as usual?
 
2014-01-14 02:12:51 PM  
25.media.tumblr.com
Banker: This is a stock exhange. There is no money for you to steal here.
Bane: Then why are you people here then?
 
2014-01-14 02:16:19 PM  

MythDragon: [25.media.tumblr.com image 500x281]
Banker: This is a stock exhange. There is no money for you to steal here.
Bane: Then why are you people here then?


All of this.

/even if he sounded like Sean Connery in a Darth Vader mask
 
2014-01-14 02:19:16 PM  

KyngNothing: Jedbone: "Fixing the derivatives market" is like trying to put a genie back into its bottle. Said genie works too well for those who run the game.

I think they mean fixing as in "bid fixing", not fixing as in "making it work correctly".


Nonsense. The noble job creators are trying to fix the broken derivatives market, and they are doing it secretly too, which shows they weren't doing it for publicity.
 
2014-01-14 02:20:35 PM  
Good thing (for them anyway) there are no rules or regulations regarding derivatives... and nobody even knows what they really are anyway.
 
2014-01-14 02:21:39 PM  
Eddie Murphy will save us.
 
2014-01-14 02:22:51 PM  

Millennium: Calmamity: Until we start stringing these traitorous fu*kers up, this will continue.

For what crime?


Exactly.
 
2014-01-14 02:23:26 PM  

pxlboy: MythDragon: [25.media.tumblr.com image 500x281]
Banker: This is a stock exhange. There is no money for you to steal here.
Bane: Then why are you people here then?

All of this.

/even if he sounded like Sean Connery in a Darth Vader mask


koooosh kerrrrr kooooosh  That's not what your mother side Trebek!! kerrr koooosh kerrr
 
2014-01-14 02:25:47 PM  
Can we redirect the protesters in Bangkok to Wall St. instead?
 
2014-01-14 02:26:31 PM  

Jedbone: "Fixing the derivatives market" is like trying to put a genie back into its bottle. Said genie works too well for those who run the game.


This headline is an interesting example of the English language. In this context, "fixing" and "breaking" are roughly synonymous.
 
2014-01-14 02:29:09 PM  

olapbill: pxlboy: MythDragon: [25.media.tumblr.com image 500x281]
Banker: This is a stock exhange. There is no money for you to steal here.
Bane: Then why are you people here then?

All of this.

/even if he sounded like Sean Connery in a Darth Vader mask

koooosh kerrrrr kooooosh  That's not what your mother side Trebek!! kerrr koooosh kerrr


I LOL'd
 
2014-01-14 02:46:47 PM  
FTFA: However, [the FBI] said it had "low confidence" that law enforcement could prosecute suspected traders because the trades concerned seem to be completely legitimate.

Nothing to see here. Move along. Just bankers being bankers. Move along.
 
2014-01-14 02:47:12 PM  
As opposed to everyone else blatantly doing it?
 
2014-01-14 02:50:09 PM  
iceberg


/this is the top of the tip of it
 
2014-01-14 02:50:41 PM  
Yeah, like they'll ever go after the entities front-running for the Federal Reserve.

Bankers: "We're immune. We are acting as agents of the US Treasury. Now go away, or We'll taunt you a second time!"
 
2014-01-14 02:52:12 PM  
Baby won't you please come home.
 
2014-01-14 03:07:28 PM  

Magorn: Fta:
"Using what Federal Bureau of Investigation agents described as "unsophisticated tradecraft," such as hand signals and special telephone ring tones, some traders are conspiring to rig rates on large orders submitted by Fannie Mae and Freddie Mac, or front running them in the interest rate swaps market, the document says. \

is that a case of too stupid to cover their tracks or being so jaded  as to the consequences that they aren;t even bothering anymore?


So much bother to keep up the pretense.
And for whom for what reason?
The suckers just keep on cummin'.
This is Bizzaro World, the criminals are adored, protected and emulated.
 
2014-01-14 03:09:45 PM  
All the outrage over the Culture of Corruption in the Catholic Church.
All they did was diddle little boys.
The New Bank diddles big boys and they seem to love it.
 
2014-01-14 03:13:37 PM  
Freddie vs Fannie would make an awesome band name
 
2014-01-14 03:24:34 PM  

pxlboy: olapbill: pxlboy: MythDragon: [25.media.tumblr.com image 500x281]
Banker: This is a stock exhange. There is no money for you to steal here.
Bane: Then why are you people here then?

All of this.

/even if he sounded like Sean Connery in a Darth Vader mask

koooosh kerrrrr kooooosh  That's not what your mother side Trebek!! kerrr koooosh kerrr

I LOL'd


I have a riddle for yah. A conundrum if you will. Whatsh the differencesh between you and a mallard with a cold? One is a shick duck, I forget how it ends, but your mothersh a whore.
 
2014-01-14 03:27:06 PM  

Ashyukun: And yet the FBI has said that they don't think they can do anything about it since they're not technically or obviously doing anything illegal- so why SHOULD they bother being that secretive about it?


Because if they do it out in the open that IS illegal.

I would sort of comparing it to a monkey selling drugs for you (as in, The Hangover II).  If you don't actually touch the drugs, the money, or do the transaction itself, are you really dealing?
 
2014-01-14 03:35:45 PM  

Millennium: For what crime?


I'm going to go out on a limb here and say "front running".
 
2014-01-14 03:42:19 PM  
FNMA & FHLMC, not Fannie MAE & Freddie MAC. MAE & MAC arent the acronyms.
 
2014-01-14 03:54:10 PM  

phenn: Calmamity: Until we start stringing these traitorous fu*kers up, this will continue.

Baby, you buy the the farking rope and I'll find a nice tree.


Ive got a couple pitchforks, and I know a guy with a good torch.
 
2014-01-14 03:56:56 PM  

teenage mutant ninja rapist: phenn: Calmamity: Until we start stringing these traitorous fu*kers up, this will continue.

Baby, you buy the the farking rope and I'll find a nice tree.

Ive got a couple pitchforks, and I know a guy with a good torch.


I got guns...
 
2014-01-14 03:59:19 PM  

Grand_Moff_Joseph: Can we redirect the protesters in Bangkok to Wall St. instead?


Sorry, they are trying to get rid of their own illegitimate .01%er who thinks he can just buy the government with gobs of money. Getting rid of our 1%ers is on us as Americans. We gotta take care of our own.
 
2014-01-14 04:14:06 PM  

Kit Fister: teenage mutant ninja rapist: phenn: Calmamity: Until we start stringing these traitorous fu*kers up, this will continue.

Baby, you buy the the farking rope and I'll find a nice tree.

Ive got a couple pitchforks, and I know a guy with a good torch.

I got guns...


For now....
 
2014-01-14 04:25:22 PM  
I am not quite sure why this practice would be illegal. Who precisely is the victim?
 
2014-01-14 04:33:44 PM  
Please don't be the black guys. Please don't be the black guys.
 
2014-01-14 04:35:03 PM  

angryjd: I am not quite sure why this practice would be illegal. Who precisely is the victim?


They're using knowledge that someone is going to buy something, to buy it themselves, raising the price, and making it more expensive for the original buyer, off which they could profit (if I read the article correctly).

In this case the original buyer is the victim.
 
2014-01-14 04:35:05 PM  

angryjd: I am not quite sure why this practice would be illegal. Who precisely is the victim?


as in most market manipulation schemes, the victim is everyone else who tries to access that market and ends up paying an artificially high premium for access to that money thanks to the manipulation
 
2014-01-14 04:38:05 PM  
business as usual
 
2014-01-14 04:39:17 PM  

zeroman987: Grand_Moff_Joseph: Can we redirect the protesters in Bangkok to Wall St. instead?  Sorry, they are trying to get rid of their own illegitimate .01%er who thinks he can just buy the government with gobs of money. Getting rid of our 1%ers is on us as Americans. We gotta take care of our own.


Yeah, let's turn the place into Venezuela.  That'll show 'em.

Seriously, are you 12?
 
2014-01-14 04:43:21 PM  
When will they learn? You only steal from the poors, as soon as you start stealing from the Government, they will yank on your leash so hard your children will be neutered.

They really don't like competition.
 
2014-01-14 04:48:41 PM  
The entire concept of a "derivatives" market needs to be abolished.
 
2014-01-14 05:34:29 PM  
Is Congress still permitted to engage in insider trading?
 
2014-01-14 05:50:45 PM  

big pig peaches: As long members of Congress can still do all the insider training they want.


Oh look at the moran that thinks he knows shiat.

http://www.npr.org/blogs/itsallpolitics/2013/04/16/177496734/how-con gr ess-quietly-overhauled-its-insider-trading-law
 
2014-01-14 06:13:22 PM  

Ashyukun: And yet the FBI has said that they don't think they can do anything about it since they're not technically or obviously doing anything illegal- so why SHOULD they bother being that secretive about it?


That's not what the FBI said.  The FBI said that there was basically no way to prove the allegations beyond a reasonable doubt in a court of law.  That is, they think laws were broken, it just isn't possible to prove it.
 
2014-01-14 06:39:45 PM  

Benevolent Misanthrope: Magorn: Fta:
"Using what Federal Bureau of Investigation agents described as "unsophisticated tradecraft," such as hand signals and special telephone ring tones, some traders are conspiring to rig rates on large orders submitted by Fannie Mae and Freddie Mac, or front running them in the interest rate swaps market, the document says. \

is that a case of too stupid to cover their tracks or being so jaded  as to the consequences that they aren;t even bothering anymore?

Ummm... there are consequences?


Yes, morbid consequences...when you don't...follow the rules.

But seriously, (and that line had better not be obscure...this is fark, afterall) I agree.  I think they learned after the last time that nobody gets punished except the people who lose their homes.
 
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