October 2017
Intermediate to advanced
594 pages
17h 18m
English
Content preview from Resisting Corporate Corruption, 3rd Edition
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.
Case 7Chipping Away at Dodd-Frank’s Volcker Rule?
“No one has been able to distinguish between market-making and prop trading.” Hal Scott, Professor, Harvard Law School
MARY JO WHITE, COMMISSIONER OF THE SECURITIES AND EXCHANGE COMMISSION (SEC) sat down to breakfast at 6 am on October 19, 2016. It was her custom to eat early and quickly, allowing her chauffeured limo to beat the traffic downtown to the office. However, this morning a story in The Wall Street Journal stopped her in her tracks. There was the headline:
“How one Goldman Sachs trader made more than $100 Million. The gains from big trades are a Throwback to an Earlier Era.”1
White quickly perused the article. A Goldman trader named Tom Malafronte had apparently made large gains on junk bonds he purchased and sold in 1Q 2016. In some cases Malafronte sold the bonds within days of having purchased them. Others were held on Goldman’s books for weeks. Further down, White came across this quote:
“Tom is a tremendous risk taker,” said Jeff Bahl, who headed Goldman’s high-yield trading desk and worked with Mr. Malafronte. “In any opaque market, such as high-yield, the value of a skilled risk taker will always be there.”2
The article concluded by noting that on certain days Malafronte accounted for one-third of total trades in certain bond issues.3
White frowned as she put the paper down. This looked like a very questionable case of “market-making.” In fact, it looked more like proprietary trading, a practice now ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access
More than 5,000 organizations count on O’Reilly
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.