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thomasmicheljpy Sep 14th, 2018 60 Never
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  1. [PHARZARD VAJNAIR?]: Dr. Prathen
  2. [SALU PRATHEN?]: Where -where are you? Are you on the 30th floor, or are you in this
  3. building?
  4. 5 [PHARZARD VAJNAIR?]: Yeah.
  6. [SALU PRATHEN?]: oh, you're still in the old building. OK. OK, OK.
  8. - 8 [SALU PRATHEN?]: So, how's it going, man?
  10. 9 [PHARZARD VAJNAIR?]: Oh, I - it's going good, but I'm just exploding.
  12. IO [SALU PRATHEN?]: Why are you exploding?
  14. 11 [PHARZARD VAJNAIR?]: Just liquidating the book today, was just a nightmare.
  16. [SALU PRATHEN?]: Hm.
  17. [PHARZARD VAJNAIR?]: It was just a freakin' nightmare. We did like 30, 40 trades and each
  18. of them the settlement is-settlement is wrong and this is bad and that's -you know, nobody wants
  19. to trade with us, right?
  20. [SALU PRATHEN?]: Right right.
  21. 17 [PHARZARD VAJNAIR?]: And -and the 3-day settlement and financial products, they're like
  23. 18 this guy, you know, we have our stuff in the prime brokerage and our cash is there.
  25. [SALU PRATHEN?]: Mm hm.
  26. [PHARZARD VAJNAIR?]: -but he deals with all these other brokers and they have a back office
  27. and we have a back office and the prime brokers in our back office and their o -back office, and
  28. me and the trader on the other side need to coordinate and each trade was a unique situation, and
  29. somebody in that chain disagreed with something, so it was just a nightmare -nightmare, but
  30. that's -don't worry about that.
  31. [SALU PRATHEN?]: So you finally got it done.
  32. [PHARZARD VAJNAIR?]: No, I have a couple of more positions to go, but we got rid of like 20
  33. positions today.
  34. [REDACTED]
  35. [PHARZARD VAJNAIR?]: Right, ah, well, obviously you guys aren't trading or doing anything.
  36. [SALU PRATHEN?]: Nothing -yeah.
  37. Page l of 3
  39. 011129 2 batch 20041021 10-19-04 Samples 5-324901 aud610
  43. l [PHARZARD VAJNAIR?]: Yeah.
  45. 2 [REDACTED]
  47. image
  49. 3
  51. 4 [REDACTED]
  53. 5 [MATT GOERING]: Yeah, he's <loin' good and, yeah, things are good, I mean, I -I guess like, I
  55. -I was lucky that Kevin McGowan was such a prick to me.
  56. [PHARZARD VAJNAIR?]: [laughs] And what was the deal? I mean, I don't want to, ah, open
  57. 8 up another old wound or something, but, ah, what was his problem?
  59. 9 [MATT GOERING]: Ah, I mean, I think I'm OK, I mean -I -oh, actually, I mean, you worked
  61. 1o there, so it's not like it's confidential, I mean, dude, he -he was just out of control, um, you know,
  63. I wouldn't kiss his ass.
  64. [PHARZARD VAJNAIR?]: And then Massey would.
  65. [MATT GOERING]: And Massey would.
  66. [PHARZARD VAJNAIR?]: And that was that.
  67. [MATT GOERING]: And he constantly, constantly wanted to cook the fuckin' book. And I -
  68. 16 [PHARZARD VAJNAIR?]: He did what to the book?
  70. [MATT GOERING]: He wanted to -he wanted to - like I would tell him, I'd say, man, you can't
  71. mark the curve there, that's not right.
  72. [PHARZARD VAJNAIR?]: Right.
  73. [MATT GOERING]: And he'd be 1-and he'd -and he -he -and then, ah, when I would say shit
  74. like that, he would just start -he just started givin' the books to Massey.
  76. 23 [MATT GOERING]: I was like man, you can't mark the fuckin' NYMEX book there. That's
  78. bullshit, I mean, mark it at least close to correct.
  79. [PHARZARD VAJNAIR?]: Oh, my god!
  80. 26 [MATT GOERING]: And then -and then the book went to Massey. And then I had the Western
  82. book, and all I wanted to do would buy in the Western book -
  83. [PHARZARD VAJNAIR?]: Yeah.
  84. [MATT GOERING]: -which basically locked in a loss for him.
  85. [PHARZARD VAJNAIR?]: Exactly, exactly.
  86. Page 3 of 3
  88. 011129 2 batch 20041021 10-19-04 Samples 5-324901 aud610
  91. [MATT GOERING]: But, he was like, no, you're an idiot. I -I mean, I was buyin' like, you know,
  93. 2 size 460 -you are a fuckin' idiot. You are a f -
  95. 3 [PHARZARD VAJNAIR?]: And then run through nine, right?
  97. [MATT GOERING]: Yeah, which are all great trades now, but the problem was is that it was
  98. lockin' in the loss and h -and dude, that book was like so horribly mis-marked.
  99. 6 [PHARZARD VAJNAIR?]: Yeah. I -Iwent there after you were gone, like what's going on here?
  101. 7 How can you guys ever survive? I know how short you guys were and I know where coal prices
  103. are [laughs], what's going on, and they're like, Well, we mark to market when it's appropriate.
  104. And we [laughs] and we - ah, realize losses real time if it's going against us, so, it's like -
  105. unbelievable.
  106. [MATT GOERING]: No, and -and then, yeah, so I was just like -well, I t -I told McGowan, I
  107. was like, man, I'm not staying in a group where, I mean, I m -I might get fired for marking the
  108. book correctly, but I'll go to jail for cookin' it, so -
  109. [PHARZARD VAJNAIR?]: Exactly, exactly.
  110. [REDACTED]
  111. [MATT GOERING]: What a crazy, well, it'll be -it'll make for a really good book.
  112. [PHARZARD VAJNAIR?]: Oh, yeah. Everyone here is writing a book. I swear, everyone's
  113. documenting everything and taking all the newspaper coverage and all the Wall Street coverage
  114. and I swear there are three people on our desk that are seriously thinking about writing a book.
  115. [MATT GOERING]: Wow -well, somebody should, because I think the world would like to
  116. know.
  117. [PHARZARD VAJNAIR?]: Yeah, yeah, yeah. It's like Liar's [Spoken?] and stuff like that, you
  118. know?
  119. [MATT GOERING]: Yeah, exactly.
  120. [PHARZARD VAJNAIR?]: Inside story, so -OK, boss -
  121. [MATT GOERING]: Why [Pharzard?] man, thanks for callin', dude.
  122. 27 [PHARZARD VAJNAIR?]: Great talking to you, man.
  124. [REDACTED]
  125. [PHARZARD VAJNAIR?]: Thank you man.
  126. 30 [MATT GOERING]: See you.
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