This story has been confirmed by the guys that stake me and a few others I knew from the pit. A few years ago during one of the fed rate decisions, the I.R. fut's market of course went nuts (this is the I.R. futs at the merc). One broker on one side of the pit is yelling , " 6 bid on 1000....6 on 1000".....other side of the pit another broker's yelling "1000 at 6....1000 offered at 6". One smaller local goes, "whats the handle". "76 bid on 1000" says one. "1000 at 66" says the other. "SOLD A THOUSAND AT 76.....BUY YA A THOUSAND AT 66" yells the local. His clerk runs to each and records the trade. Guy wipes his fore head and walks out. 10 ticks on a 1000 lot is 250g's...probably what that guy averaged a year. heard the story from a few people I have no doubt its true.
ZF Trader I think it is called "The Last Party" The NYMEX portion is a pretty small part of the documentary.
EPrado That story is mostly true. There was no plunger involved.He did jump off the bridge.The Merc. got wind of it and everyone who was supposed to pay up did not.He was chased by the Metra police after exiting the river. The Merc. gave him a suspension. I worked with him for some time on the floor as an arb clerk in the back month Eurodollars.Anyway, that is the story.
that was typical of people from the merc...in chicago we had a term "merc scum" basically bookies who didnt pay or assorted riff raff that would welch on bets like this one. I dont know what it was but the cboe and cbot held less people on this kind. I remember hearing stories about how the floor manager of Citicorp operated, it was just plain sickening.
Funny you mention Citi, That was one of the customers I watched as a clerk. I know all to well of the person whom you speak.
well then you know exactly what Im talking about... That little "napolean complex" mfer in charge was bad news. In my lifetime- Ive never met a more dishonest individual
Seriously,he is one of those people who really is just a bad person.I have plenty of stories about him.I could not even make something up if I had to say a nice thing about him.