With an Amherst bachelor's degree in English in hand, he joined Shearson as an over-the-counter trader.
Unbelievably, the Chamber is fighting hard to protect the lucrative shadow banking industry from being dragged into the sunlight, rigorously protesting the new transparency, capital and margin requirements for all over the counter derivatives traders.
Wedged between the beef and fish counters, where traders in galoshes cheerily hack the heads off wriggling carp, the poultry stalls are boarded, their freezers taped shut.
However, a proponent of EMH could always counter that the successful traders are in the same position as a coin flipper who has just flipped 20 heads in a row – one would expect this lucky streak to end.
By day, these act as the counters from which traders sell fresh north-European seafood – the shrimps and prawns are blinding, as are the ubiquitous Belgian moules, not to mention all manner of other gastropods.
That announcement was put off until Nov. 13 because Moody's was on the verge of downgrading Enron's credit rating to below investment grade a move that would have made the now-bankrupt energy trader an unsuitable counter party in most commodities deals and an unwise target for Dynegy.
Tim, 42, was the chief operating officer for over-the-counter trading and chief Nasdaq trader for Cantor Fitzgerald Securities, which occupied four floors near the top of 1 World Trade Center; John, 41, was a salesman for eSpeed, a subsidiary of Cantor Fitzgerald.
Mr. Harris, 31, is a sales trader for over-the-counter stocks at Morgan Stanley Dean Witter in New York.
Unless free traders start countering these arguments, prospects for the new round and for freer trade in general will be poor.Raising the stakesThere is indeed a danger that Seattle will turn out to be a fiasco: no agreement on an agenda, or a half-hearted one that will obviously lead nowhere.
While such losses will first and foremost affect the HFT itself, the instability of the HFT can wreak havoc in the markets through its capacity as a counter-party to other traders.
Pinto's traders sometimes took positions that ran counter to the CIO's, meaning that losses for one office meant gains for the other.
