Ex-Lehman Trader wants his BONUS!
Anybody know this guy? Read the full post on the link (inside the post) if you want.
7 years after Lehman failed, this trader still wants his $83 million bonus
Before Lehman Brothers collapsed, pulling the trigger on the global financial crisis, a little-known bond trader was on a hot streak. Over two years, Jonathan Hoffman had brought the megabank more than $700 million in profits.Just 35 years old, Hoffman was looking forward to an $83 million bonus. It was an eye-popping payday, even by Wall Street standards and a reflection of Hoffman’s reputation as a talented trader.
But Lehman’s bankruptcy threw Hoffman’s bonus into doubt. “Just plain [sucks]. No way to sugar coat it . . . i am pretty bummed,” Hoffman said in an 2008 email. “Never really had years like these last 2 before.”
https://www.washingtonpost.com/business/economy/bonuses-still-a-painful…
He's one of the best, most talented rates relative value traders around... This guy is the bee's knees and the dog's bollocks, fo' shizzle.
Was he px action focused?
Mr. Hoffman said his trading style had “quite a bit of gut in it” and was based largely on reading trading data and understanding trade flows. He paid almost no attention to traditional market forces such as economic growth rates and monetary policies.
“I have no view on interest rates, no view on the curve,” he said. “I never speak to clients. I don’t know who is on the other side of the trade. I guess I am a lone wolf.”
source: http://www.wsj.com/articles/trader-wrestles-with-lehman-estate-over-big…
Not really... He used to trade a lot of basis and other types of bond RV.
He was not a mkt maker.
And this guy was a market maker?
I wonder what kind of methods he was using? Impressive that he went on to continue making money at Barclays through until 2014!
+1
I wonder who threw MS at everybody. DickFuld thoughts?
Have you heard of that Lehman trader?
I think the WSJ did a profile on him a while back. Fascinating background.
http://www.wsj.com/articles/trader-wrestles-with-lehman-estate-over-big… Dude is a baller.
Yes. Lol. Remember them talking about him from a long time ago. That's how memorable his profile was.
This is so awful. I can't believe the world can be so cruel. If Lehman has any ethics whatsoever, they should absolutely pay him for pushing all those buttons otherwise he can easily jump ship to another bank
I don't understand what the controversy is. Lehman is contractually obligated to pay him his bonus. It's simply a matter of the seniority of his claim and the value of Lehman's residual assets. If they have it, they should pay it.
Ditto and according to Lehman's lawyers he had already been paid his bonus by Barclays. Nonetheless, the guy is a baller trader.
Fair point.
Let me rephrase.
Lehman doesn't want to settle its debts; it doesn't want to pay. I get that. People, at least some people, support Lehman because they're jealous of the trader's income. I get that as well.
I am troubled by the fact that our legal system has not yet worked for this trader. He is owed a certain sum of money by law, by contract.
83 million usd bonus he almost the same as Goldman's trader Ben-brahim who made 66 million usd on a year
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