Автор: Vill
Frontline six million dollar betting
Customers are outraged. Lawmakers promise change. This did not have to happen. How can something like this be allowed to happen? How can one individual completely shape the destiny of this firm, and ultimately, its demise? And that's the part that never comes across when you talk to him in person. You get this sort of avuncular feeling that totally masks what is a highly aggressive and ambitious guy who takes these huge risks with other people's money. But his management style led to conflicts with another Goldman partner, Hank Paulson.
In , Corzine was ousted. It didn't slow him down. Vice Pres. It was once rumored that he might even replace Tim Geithner as treasury secretary. But then in , New Jersey voters ended his political career and returned him to Wall Street.
You know, if you think about it, Goldman partner, Goldman CEO, confidante of the president of the United States, former New Jersey governor, senator— why wasn't he running a bigger firm, I guess is the real question. I was kicked out of being the governor. I still have something to prove.
And he was going to show them. The stock price jumped, and Corzine was a dynamic character. He's going to have political connections. This is going to be great for the company, you know? So I was sipping the Kool-Aid at that time. Clients would come there saying they want to make trades in the commodities industry or the futures industry, buy pork bellies, buy oil futures, buy gold futures, silver, you know, palladium, whatever it is.
You put in a trade through them, they put it in through the exchange. And they took a small commission for it. Steve Meyers used MF Global to trade futures on behalf of scores of farmers and ranchers in the Midwest. So it gives you some comfort in the fact that you're always going to have that liquidity. You're dealing with somebody that's everywhere in the world. Revenue from commissions wasn't covering expenses. The firm was losing money. And so that put more pressure on Corzine than he would have otherwise faced.
He was going to have it take more risk. They weren't taking enough risk, he told me. Europe will get this done. They're not going let various parts of the euro zone default, fall off the edge. He was betting that the relatively risky parts of Europe would become less risky, not more risky.
This is what he does. Why do scorpions sting? Because that's what they do. He basically made a Goldman-sized bet at a firm that was only a sliver of Goldman Sachs. AZAM AHMED: The way that this particular thing was structured, it's a really obscure and complicated transaction, where, essentially, you can book the profits on the front end.
But the way these— these accounting rules worked, and they were— they were the way it was supposed to work— if you booked a trade in that way, you got the revenues right up front. I never knew before that they could invest money in overseas markets or sovereign debt. And their auditors ultimately encouraged them, you know, "You guys have to tell people. This is a really sizable bet, and it is material. You need to let customers and shareholders know about this. And some people would confront him and say, you know, "Jon, I don't think having this much money bet in this particular way is a sound thing.
The market could really react badly to it. I don't think this is a good bet. But where was he getting the money? By doing this you have covered every number—2, 3, 4, 5, 6, 8, 9, 10, 11, and 12—except 7. There are 36 ways that the dice can total a number on the craps table. Seven is the easiest number to make and can roll in six ways , , , , , There are 30 ways another number can roll, so the odds that you will see a winning total on the next roll are to-6, or 30 out of You also get an extra payoff when the dice total 2 or 12, since most craps games pay double on the 2 and triple on the 12 for any field bets.
Trim the House Advantage However, regardless of how many times you'll win, the house still holds the advantage. You can expect that edge to be 2. The way your play works is fairly simple. On an average hand, this will happen several times and 7 will roll, wiping out your place and field bets and you'll need to start again after the come-out roll establishes a new point.
Obviously, when the dice are hot and a lot of numbers are rolling you'll get paid many times before having to start over. That's the power of the Iron Cross. When a front-line winner rolls the player shoots their point , your place bets will be marked "off," and you'll want to hold off on your field bet until a new point is established.
Then your place bets will be marked "on" again, and you can go back to making your field wagers. If a 7-out rolls, you'll need to start all over with your place and field bets after a new number is established. If you want to be part of the action and also shoot the dice , make a small bet on the pass line and take double odds on any point.
If your point is 5, 6, or 8, make your field bet as usual and place the other two numbers that are not your point. Now you've got essentially the same wager going as the standard Iron Cross. Advanced Play The Iron Cross is a favorite system for action players because they get a decision with hope, a winner on every roll of the dice once a point is established.
Plus, the system keeps players from using their chips on higher house odds bets like the Horn and Hard Ways. Finally, you can enhance the Iron Cross by pressing your bets a little. Some players wait until they are winning and are ready to quit for the evening, but using the advance play is always at the player's discretion. The first variation is sometimes called Three and Done and is very simple.
IS ONLINE SOCCER BETTING ILLEGAL IN SINGAPORE
He was betting that the relatively risky parts of Europe would become less risky, not more risky. This is what he does. Why do scorpions sting? Because that's what they do. He basically made a Goldman-sized bet at a firm that was only a sliver of Goldman Sachs. AZAM AHMED: The way that this particular thing was structured, it's a really obscure and complicated transaction, where, essentially, you can book the profits on the front end. But the way these— these accounting rules worked, and they were— they were the way it was supposed to work— if you booked a trade in that way, you got the revenues right up front.
I never knew before that they could invest money in overseas markets or sovereign debt. And their auditors ultimately encouraged them, you know, "You guys have to tell people. This is a really sizable bet, and it is material. You need to let customers and shareholders know about this. And some people would confront him and say, you know, "Jon, I don't think having this much money bet in this particular way is a sound thing.
The market could really react badly to it. I don't think this is a good bet. But where was he getting the money? He was taking a lot more risk, much more complex trades, bigger numbers, but it's still the same old firm. And that's the problem. I think customer money was supporting a lot of this activity long before the firm failed. There is no clear evidence that customer money was used in the trades. But Corzine was using a financial strategy called internal repo -- whereby a brokerage can borrow cash internally from another part of the firm.
Corzine, you know, got wind of this, so he begins to lobby in Washington. BART CHILTON, Commissioner, CFTC: Senator Corzine was one of the more prominent individuals who came in and told us what a drastic mistake it would be to curtail the use of these internal repurchasing agreements, and that they were doing everything appropriate with regard to these internal repos, and that we shouldn't worry about them and that we shouldn't touch them.
And when he told me that we were making a big mistake, it certainly put some doubt into my mind for a little bit there as to whether or not we were going down the right course. But certainly, somebody that had his stature was somebody who had, you know, added respect, in my view. Internal repos were not banned. We might as well not have the regulator.
Finally, it was all too much. And the message was, "Enough. You can keep them, but don't build them up any higher than that. The story was a blow Corzine could not withstand. And so I said to the person, "Are we talking about millions or billions here? And they said, "No, it's billions. When you're leveraged 40 to 1, you know, the value of the asset goes down, you know, 1 or 2 percent, you've wiped out your equity account. I mean, if you're at a Goldman Sachs and it's a huge institution, it can weather the waves of the market like a big ship.
He was in a rowboat doing the same sort of things, and it— you know, it— it just capsized. Nobody knew anything. You know, my reputation's on the line, right? I've done this for 15 years, stellar record, never any problems, that kind of thing. And now people are going, "Well, what's going on? So I knew that— that we were in trouble at this point and nobody was going to look out for us. They weren't supposed to get mixed up. Well, guess what? They did. Do you buy that? Managing Director, Tangent Capital: No.
In our industry, putting your hands on customer funds takes some deliberate actions. You have to make an active decision to convert those funds. And I think that's what happened. And it's not missing, it's at JPMorgan. It was once rumored that he might even replace Tim Geithner as treasury secretary.
But then in , New Jersey voters ended his political career and returned him to Wall Street. You know, if you think about it, Goldman partner, Goldman CEO, confidante of the president of the United States, former New Jersey governor, senator— why wasn't he running a bigger firm, I guess is the real question. I was kicked out of being the governor. I still have something to prove. And he was going to show them. The stock price jumped, and Corzine was a dynamic character.
He's going to have political connections. This is going to be great for the company, you know? So I was sipping the Kool-Aid at that time. Clients would come there saying they want to make trades in the commodities industry or the futures industry, buy pork bellies, buy oil futures, buy gold futures, silver, you know, palladium, whatever it is.
You put in a trade through them, they put it in through the exchange. And they took a small commission for it. Steve Meyers used MF Global to trade futures on behalf of scores of farmers and ranchers in the Midwest. So it gives you some comfort in the fact that you're always going to have that liquidity. You're dealing with somebody that's everywhere in the world. Revenue from commissions wasn't covering expenses.
The firm was losing money. And so that put more pressure on Corzine than he would have otherwise faced. He was going to have it take more risk. They weren't taking enough risk, he told me. Europe will get this done. They're not going let various parts of the euro zone default, fall off the edge. He was betting that the relatively risky parts of Europe would become less risky, not more risky. This is what he does. Why do scorpions sting? Because that's what they do. He basically made a Goldman-sized bet at a firm that was only a sliver of Goldman Sachs.
AZAM AHMED: The way that this particular thing was structured, it's a really obscure and complicated transaction, where, essentially, you can book the profits on the front end. But the way these— these accounting rules worked, and they were— they were the way it was supposed to work— if you booked a trade in that way, you got the revenues right up front. I never knew before that they could invest money in overseas markets or sovereign debt. And their auditors ultimately encouraged them, you know, "You guys have to tell people.
This is a really sizable bet, and it is material. You need to let customers and shareholders know about this. And some people would confront him and say, you know, "Jon, I don't think having this much money bet in this particular way is a sound thing. The market could really react badly to it. I don't think this is a good bet. But where was he getting the money?
He was taking a lot more risk, much more complex trades, bigger numbers, but it's still the same old firm. And that's the problem. I think customer money was supporting a lot of this activity long before the firm failed. There is no clear evidence that customer money was used in the trades. But Corzine was using a financial strategy called internal repo -- whereby a brokerage can borrow cash internally from another part of the firm.
Corzine, you know, got wind of this, so he begins to lobby in Washington. BART CHILTON, Commissioner, CFTC: Senator Corzine was one of the more prominent individuals who came in and told us what a drastic mistake it would be to curtail the use of these internal repurchasing agreements, and that they were doing everything appropriate with regard to these internal repos, and that we shouldn't worry about them and that we shouldn't touch them.
And when he told me that we were making a big mistake, it certainly put some doubt into my mind for a little bit there as to whether or not we were going down the right course. But certainly, somebody that had his stature was somebody who had, you know, added respect, in my view. Internal repos were not banned. We might as well not have the regulator.
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