[PHARZARD VAJNAIR?]: Dr. Prathen
[SALU PRATHEN?]: Where -where are you? Are you on the 30th floor, or are you in this
building?
5 [PHARZARD VAJNAIR?]: Yeah.

[SALU PRATHEN?]: oh, you're still in the old building. OK. OK, OK.
[PHARZARD VAJNAIR?]: Yeah.
- 8 [SALU PRATHEN?]: So, how's it going, man?

9 [PHARZARD VAJNAIR?]: Oh, I - it's going good, but I'm just exploding.

IO [SALU PRATHEN?]: Why are you exploding?

11 [PHARZARD VAJNAIR?]: Just liquidating the book today, was just a nightmare.

[SALU PRATHEN?]: Hm.
[PHARZARD VAJNAIR?]: It was just a freakin' nightmare. We did like 30, 40 trades and each
of them the settlement is-settlement is wrong and this is bad and that's -you know, nobody wants
to trade with us, right?
[SALU PRATHEN?]: Right right.
17 [PHARZARD VAJNAIR?]: And -and the 3-day settlement and financial products, they're like

18 this guy, you know, we have our stuff in the prime brokerage and our cash is there.

[SALU PRATHEN?]: Mm hm.
[PHARZARD VAJNAIR?]: -but he deals with all these other brokers and they have a back office
and we have a back office and the prime brokers in our back office and their o -back office, and
me and the trader on the other side need to coordinate and each trade was a unique situation, and
somebody in that chain disagreed with something, so it was just a nightmare -nightmare, but
that's -don't worry about that.
[SALU PRATHEN?]: So you finally got it done.
[PHARZARD VAJNAIR?]: No, I have a couple of more positions to go, but we got rid of like 20
positions today.
[REDACTED]
[PHARZARD VAJNAIR?]: Right, ah, well, obviously you guys aren't trading or doing anything.
[SALU PRATHEN?]: Nothing -yeah.
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l [PHARZARD VAJNAIR?]: Yeah.

2 [REDACTED]

image

3

4 [REDACTED]

5 [MATT GOERING]: Yeah, he's <loin' good and, yeah, things are good, I mean, I -I guess like, I

-I was lucky that Kevin McGowan was such a prick to me.
[PHARZARD VAJNAIR?]: [laughs] And what was the deal? I mean, I don't want to, ah, open
8 up another old wound or something, but, ah, what was his problem?

9 [MATT GOERING]: Ah, I mean, I think I'm OK, I mean -I -oh, actually, I mean, you worked

1o there, so it's not like it's confidential, I mean, dude, he -he was just out of control, um, you know,

I wouldn't kiss his ass.
[PHARZARD VAJNAIR?]: And then Massey would.
[MATT GOERING]: And Massey would.
[PHARZARD VAJNAIR?]: And that was that.
[MATT GOERING]: And he constantly, constantly wanted to cook the fuckin' book. And I -
16 [PHARZARD VAJNAIR?]: He did what to the book?

[MATT GOERING]: He wanted to -he wanted to - like I would tell him, I'd say, man, you can't
mark the curve there, that's not right.
[PHARZARD VAJNAIR?]: Right.
[MATT GOERING]: And he'd be 1-and he'd -and he -he -and then, ah, when I would say shit
like that, he would just start -he just started givin' the books to Massey.
[PHARZARD VAJNAIR?]: Wow.
23 [MATT GOERING]: I was like man, you can't mark the fuckin' NYMEX book there. That's

bullshit, I mean, mark it at least close to correct.
[PHARZARD VAJNAIR?]: Oh, my god!
26 [MATT GOERING]: And then -and then the book went to Massey. And then I had the Western

book, and all I wanted to do would buy in the Western book -
[PHARZARD VAJNAIR?]: Yeah.
[MATT GOERING]: -which basically locked in a loss for him.
[PHARZARD VAJNAIR?]: Exactly, exactly.
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[MATT GOERING]: But, he was like, no, you're an idiot. I -I mean, I was buyin' like, you know,

2 size 460 -you are a fuckin' idiot. You are a f -

3 [PHARZARD VAJNAIR?]: And then run through nine, right?

[MATT GOERING]: Yeah, which are all great trades now, but the problem was is that it was
lockin' in the loss and h -and dude, that book was like so horribly mis-marked.
6 [PHARZARD VAJNAIR?]: Yeah. I -Iwent there after you were gone, like what's going on here?

7 How can you guys ever survive? I know how short you guys were and I know where coal prices

are [laughs], what's going on, and they're like, Well, we mark to market when it's appropriate.
And we [laughs] and we - ah, realize losses real time if it's going against us, so, it's like -
unbelievable.
[MATT GOERING]: No, and -and then, yeah, so I was just like -well, I t -I told McGowan, I
was like, man, I'm not staying in a group where, I mean, I m -I might get fired for marking the
book correctly, but I'll go to jail for cookin' it, so -
[PHARZARD VAJNAIR?]: Exactly, exactly.
[REDACTED]
[MATT GOERING]: What a crazy, well, it'll be -it'll make for a really good book.
[PHARZARD VAJNAIR?]: Oh, yeah. Everyone here is writing a book. I swear, everyone's
documenting everything and taking all the newspaper coverage and all the Wall Street coverage
and I swear there are three people on our desk that are seriously thinking about writing a book.
[MATT GOERING]: Wow -well, somebody should, because I think the world would like to
know.
[PHARZARD VAJNAIR?]: Yeah, yeah, yeah. It's like Liar's [Spoken?] and stuff like that, you
know?
[MATT GOERING]: Yeah, exactly.
[PHARZARD VAJNAIR?]: Inside story, so -OK, boss -
[MATT GOERING]: Why [Pharzard?] man, thanks for callin', dude.
27 [PHARZARD VAJNAIR?]: Great talking to you, man.

[REDACTED]
[PHARZARD VAJNAIR?]: Thank you man.
30 [MATT GOERING]: See you.