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The gas desk was being run by another prodigy, Jeffrey Shankman, then 28, who was remaking the gas desk by combining Enron's pipeline and financial trading operations, which helped traders better assess market trends.
Goldstein compares his fledgling market with the early days of the electronic-communications networks, like Island and Instinet, which promised Wall Street traders better prices on trades by going around the floor-based auction system.
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In fact, associated risks are huge: 1) the trader posting limit orders may accumulate imbalanced inventory, resulting in sharp market losses due to adverse price movements; and 2) the trader always risks ending up on the losing end of the trade, facing a trader better-informed about the market's imminent direction.
At these moments, central bankers and Treasury officials leap in to try to make the traders feel better.
Satellite television operator BSkyB rose 10p to close at 551p as traders anticipated better than expected figures today.
By providing a substitute for travel, phones can make up for bad roads and poor transport infrastructure, helping traders find better prices and boosting entrepreneurship.
But overall the FTSE 100 has fallen 23.09 points to 6799.33, with traders ignoring better than expected UK and European service sector figures.
Morgan Stanley could have a decent quarter for the same reasons if its traders fare better than in the last few quarters.
Mr. Rajaratnam told him that another source, hedge fund trader Danielle Chiesi, had an "intimate relationship" with Hector Ruiz, the chief executive of A.M.D., and was providing him and other traders with better intelligence about the company than he was.
The brouhaha about the recent Times column by Greg Smith, the former Goldman Sachs executive director, reinforced what everyone already knew: traders are better at taking risks than at taking criticism.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com