Friday, May 19, 2017

Dammit, It's Time For A Failures-of-the-Market Supergroup and World Tour

I was dreamin' when I wrote this forgive me if it goes astray

Leeson, Madoff, Meriwether and Corzine.*
It would be the Three Tenors. one.

Scratch that, has "Traveling Wilburys" been used?

Maybe I should shut the door and go take a nap. Here's FT Alphaville's Alexandra Scaggs:

Trader undeterred by lifetime ban from the futures industry
Jon Corzine is asking people for money.

Dealbook reports he’s fundraising for a hedge fund. The last time Corzine ran a financial firm, $1.6bn of client funds disappeared for two years. He’s also banned from the futures industry for life, which means he can’t trade futures in any way that would require CFTC registration. (Paging all prime brokers!)

Corzine has insisted the European debt trade that helped sink MF Global would’ve been profitable, if it hadn’t scared the pants off regulators, ratings agencies and counterparties.
Now the politically connected former Senator and governor plans to trade on what policymakers might do. From the NYT:
…Mr. Corzine… will seek to anticipate what often seems unpredictable: how the Trump administration and other world leaders will enact policy and, in turn, move markets.
One of his Trump trades, for example, is designed to pay off in the event of a broad decline in the stock market, not unlike what happened Wednesday when shares swooned on Trump-related worries. On the bullish side, he hopes to ride a wave of a corporate-tax overhaul while trading in big tech, banking and industrial companies poised to gain from a policy shift.
Sounds original. Here’s the NYT on Corzine’s risk appetite:...MORE
*You know what happened? I overheard someone mention that the Madoff story "Wizard of Lies" was going to start Saturday at the same time I was reading Alexandra's post and things got sort of jumbled up and....anyway:

Tomorrow, 7 PM
HBO (East)
Tomorrow, 10 PM
HBO (West)

Michelle Pfeiffer ...
Robert De Niro ...
Hank Azaria ...
Kristen Connolly ...
Stephanie Madoff

Plus many more.

For our younger readers, the Wilbury's were a band that got together for a few years, 1988-1990.
From Wikipedia:

Traveling Wilburys