Isn't this the pit that Rick Santelli announces from? If he keeps roughing up Obama they may just close the Madoff like operation they have going on there in the pits. Time for all electronic trading anyway.
I remember hearing about this at the time. Sklena's clearing firm went apeshit thinking he'd "taken a shot" on massive size so they invoked the "rogue trader" rule allowing them a piece of his profits. There wasn't much theft in Treasuries. The 5,10 and 30 year pits were pretty much self policing. If you're a trader and you see shenanigans going on are you going to just watch or try to fry someone? It was very competitive-people WANTED someone to be caught with their hand in the cookie jar just so it would free up their monopoly. If anything there were a lot of FALSE accusations frequently being levied. But I got to say if you're gonna do it you might as well go as big as these two did.....
The pits are on the way out so this stuff will go the way of the dodo. Electronic audit trails are harder to game.
The guy took an outight position of nearly 500 contracts with a 25,000 account. Hmmm, think they'll get suspicious??