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How A 28 Year Old Ex-Goldman Trader, Who Accounted For Up To 20% Of E-Mini Volume, Blew Up
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
zerohedge.com / By Tyler Durden / 04/03/2013 18:58
As previously reported, former Goldman prop trader and MIT-grad Matt Taylor, 34, handed himself over to authorities earlier today and subsequently pled guilty in Federal Court to one charge of wire fraud “saying he exceeded internal risk limits and lied to supervisors to cover up his activities.” He subsequently posted bail in the amount of a $750,000 bond with two co-signers. His sentencing hearing is set for July 26, when he faces a prison sentence between 33 months and 41 months and a fine of $7,500 to $75,000. He will likely get the lower end of both wristslaps, and come out from minimum security prison, that is assuming he even spends one day inside, to some cash stashed away in an offshore bank account (not Cyptus) courtesy of his many years manipulating massing the market first at Goldman and then at Morgan Stanley. And manipulating massing he did, because courtesy of Reuters we now know the full details of his transgressions.
First: his motivation:
In court, Taylor said he covertly built the position in an effort to restore his reputation and increase his bonus. He earned a $150,000 salary and expected a bonus of $1.6 million, according to court documents.
Taylor, who is now 34, was thus was a paltry 28 at the time when he was expecting nearly $2 million in all in comp. For what? Why being one of the designated few responsible for the daily inexplicable swings and stop hunts that the irrational market is so well known for.
Thanks to BrotherJohnF
2013-04-03 18:33:21
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