Meet the London trader who is making headlines for all the wrong reasons. As the Greek economy verges on collapse and European leaders move to head off another recession, Alessio Rastani told the BBC overnight:
“I’m a trader, I don’t really care about that sort of stuff. If I see an opportunity to make money I go with that. So most traders, it’s not about, we don’t really care that much how they’re going to fix the economy, how they’re going to fix the whole situation, our job is to make money from it. And personally, I’ve been dreaming of this moment for three years. I have a confession which is I go to bed every night and dream of another recession. I dream of another moment like this. Why? Because, people don’t really seem to remember, but the ’30s Depression, the Depression in the ’30s, wasn’t just about market crash. There are some people who were prepared to make money from that crash and I think anyone can do that …”
Richard Farmer today points to a Swiss university study, as detailed by Der Spiegel, that concluded market traders are more reckless than the rest of us and perhaps “more manipulative than psychopaths”.
Or to quote the startled BBC interviewer in response to the now-famous markets expert: “Jaws have collectively dropped at what you just said. I appreciate your candour, but it doesn’t help the rest of us does it, or the rest of the eurozone?”
Posted Tuesday, 27 September 2011 at 1:55 pm |Permalink
Comforting to see capitalism in such humane hands.
zut alors
Posted Tuesday, 27 September 2011 at 2:10 pm |Permalink
Obviously, this Gen Y opportunist doesn’t have a clue how badly the Depression hit society. He should look at some old footage of the men queueing for jobs or a food handout for their families, the hopelessness of their body-language, the shame and despair in their eyes. If he’s sufficiently literate perhaps Mr Rastani would glean some insight from reading Steinbeck’s ‘The Grapes Of Wrath’.
Best of British luck, Mr Rastani - keep a vigilant eye out for other traders even more avaricious and rat-cunning than yourself lest you and your fortune be gobbled up.
syzygium
Posted Tuesday, 27 September 2011 at 2:25 pm |Permalink
I suspect he would have made a great doctor or a brilliant scientist, if that was the profession he had chosen. In other words, we have not been cursed with a batch of bad apples who are now running the world - capitalism maketh the man.
PatriciaWA
Posted Tuesday, 27 September 2011 at 3:40 pm |Permalink
I’ve long thought that we’d all be a lot better off without the stock exchange and traders! And investment advisors!
Tim McCann
Posted Tuesday, 27 September 2011 at 3:40 pm |Permalink
Looks like one of the ‘Yes Men’ to me. The guys are pretty good at disguise, but I am pretty sure that’s Jacques Servin. Check out http://vimeo.com/10788590 and see what you think.
Shann Turnbull
Posted Tuesday, 27 September 2011 at 3:59 pm |Permalink
If any readers, and hopefully policy makers around the world, want to know what to do about the next financial crisis they should refer to my articles. The latest short one was published on August 25 this year by “The Drum” on “How to cope with the next global financial crisis” as posted at http://www.abc.net.au/unleashed/2854160.html.
The Drum article in based on my academic paper on “Options for reforming the economy and the financial system” first posted in the Social Science Research Network in May 2009 at http://ssrn.com/abstract=1322210. My first short version was posted earlier in March 2009 by On Line Opinion at http://www.onlineopinion.com.au/view.asp?article=8660.
When I presented my academic paper in July this year at the annual conference of economists meeting at the Australian National University I was informed by the organiser that it was only one of two papers concerned with financial crisis! Apparently economists live in a different world with different priorities? Over the last two years I have not discovered any orthodox economist developing plans on developing a fall back position when the current system fails. If any readers knows of any or anyone, or person or institution interested I would be pleased to learn at it is very lonely working alone in a wilderness of the economic blind, deaf and dumb!
klewso
Posted Tuesday, 27 September 2011 at 4:48 pm |Permalink
Again, what’s the difference between a “rogue trader” and a “financial genius”? “Profit”?
Tim nash
Posted Tuesday, 27 September 2011 at 5:02 pm |Permalink
Ok, so obviously we are taking this guy as your ‘typical stockbroker’.
This guy is bold enough to confront the public, and tell them ‘the end is neigh’ .
This does scare me because if stockbrokers like this have enough balls to come out and tell everyone we are all screwed. (where before they hid behind a wall of graphs and figures)
Then we probably will be.
Mark from Melbourne
Posted Tuesday, 27 September 2011 at 5:26 pm |Permalink
Jaws dropped? What on earth do people think the financial market do apart from take bets each way on what is going to happen. Ever heard of shorting the market? This is not a new or secret market activity? Heard of “buy low, sell high”.
The financial market looks at flows of capital and works out ways to take a piece of the action and where they can they take it from both ends. And where there is no action that invent stuff - heard of derivatives, CDO’s?
Give me a break and grow up everyone. THIS IS WHAT THE FINANCIAL MARKETS ARE ABOUT! And if we dont like it then dont buy and sell anything. The best we can do is 1. support government to regulate activity 2. reduce our own risk. good luck with the former if you vote for a free market party.
abarker
Posted Tuesday, 27 September 2011 at 6:56 pm |Permalink
If you ever needed any more proof as to who was actually in charge on this planet…
Malcolm Street
Posted Tuesday, 27 September 2011 at 7:31 pm |Permalink
F*CK YOU, YOU ARROGANT GREEDY POS PIECE OF YUPPIE SCUM!!!
I hope some other even smarter, nastier, more arrogant trader cleans him out.
AR
Posted Tuesday, 27 September 2011 at 8:05 pm |Permalink
I’m only surprised that anyone is surprised at the reality he, in his anomic hubris/pig ignorant arrogance, revealed. When money becomes, in itself a commodity, all roots in reality are severed.
jeebus
Posted Wednesday, 28 September 2011 at 5:11 am |Permalink
This man epitomises the thinking that underpins free trade ideology.
It’s a mentality that elevates greed to a virtue, with the reasoning that if every person makes economic decisions based on their own selfish interest then the economy as a whole will be more efficient and productive.
In this system those without morals are incentivised and rewarded, because it is more profitable to finance a factory in a country with no pollution dumping laws, or to add melamine to baby formula, or to take advantage of any situation in which it is possible to make a short term profit then get out before external costs become apparent and costs for damages come due.
In times gone by, members of a tribe or society who engaged in anti-social or sociopathic behaviour could be punished. Nowadays those who wreak havoc across the world economy reap all of the upside and no downside to their actions.
Wall street bonuses are back up in the billions, and no one went to jail for the systematic fraud that led to the GFC.
Andrew McIntosh
Posted Wednesday, 28 September 2011 at 9:40 am |Permalink
“Go ahead and continue to take us down, but you’re only going to hurt yourselves. What’s going to happen when we can’t find jobs on the Street anymore? Guess what: We’re going to take yours. We get up at 5am & work till 10pm or later. We’re used to not getting up to pee when we have a position. We don’t take an hour or more for a lunch break. We don’t demand a union. We don’t retire at 50 with a pension. We eat what we kill, and when the only thing left to eat is on your dinner plates, we’ll eat that.”
The general mentality of these creatures is one of predation and the general level of sanity is questionable. It’s a serious psychological issue. They expect and, no doubt, desire contempt from the rest of us so that’s no good. The question is how to put them on notice and restrain them. It will take a complete re-think of how the global economy works for that, and that’s not something many law makers have the courage to do.
At the moment there is a regular protest called “Occupy Wall St” that has only received media attention due to a violent incident ( http://abcnews.go.com/blogs/headlines/2011/09/occupy-wall-street-protests-turn-violent-video-shows-police-macing-women/ ). Perhaps now is the time for the machinations of the market to become a serious political issue. Letting political and economic leaders know that many people are fed up with “the market” being merely a libertarian (libertine?) free-for-all.
14 Comments
Comforting to see capitalism in such humane hands.
Obviously, this Gen Y opportunist doesn’t have a clue how badly the Depression hit society. He should look at some old footage of the men queueing for jobs or a food handout for their families, the hopelessness of their body-language, the shame and despair in their eyes. If he’s sufficiently literate perhaps Mr Rastani would glean some insight from reading Steinbeck’s ‘The Grapes Of Wrath’.
Best of British luck, Mr Rastani - keep a vigilant eye out for other traders even more avaricious and rat-cunning than yourself lest you and your fortune be gobbled up.
I suspect he would have made a great doctor or a brilliant scientist, if that was the profession he had chosen. In other words, we have not been cursed with a batch of bad apples who are now running the world - capitalism maketh the man.
I’ve long thought that we’d all be a lot better off without the stock exchange and traders! And investment advisors!
Looks like one of the ‘Yes Men’ to me. The guys are pretty good at disguise, but I am pretty sure that’s Jacques Servin. Check out http://vimeo.com/10788590 and see what you think.
If any readers, and hopefully policy makers around the world, want to know what to do about the next financial crisis they should refer to my articles. The latest short one was published on August 25 this year by “The Drum” on “How to cope with the next global financial crisis” as posted at http://www.abc.net.au/unleashed/2854160.html.
The Drum article in based on my academic paper on “Options for reforming the economy and the financial system” first posted in the Social Science Research Network in May 2009 at http://ssrn.com/abstract=1322210. My first short version was posted earlier in March 2009 by On Line Opinion at http://www.onlineopinion.com.au/view.asp?article=8660.
When I presented my academic paper in July this year at the annual conference of economists meeting at the Australian National University I was informed by the organiser that it was only one of two papers concerned with financial crisis! Apparently economists live in a different world with different priorities? Over the last two years I have not discovered any orthodox economist developing plans on developing a fall back position when the current system fails. If any readers knows of any or anyone, or person or institution interested I would be pleased to learn at it is very lonely working alone in a wilderness of the economic blind, deaf and dumb!
Again, what’s the difference between a “rogue trader” and a “financial genius”? “Profit”?
Ok, so obviously we are taking this guy as your ‘typical stockbroker’.
This guy is bold enough to confront the public, and tell them ‘the end is neigh’ .
This does scare me because if stockbrokers like this have enough balls to come out and tell everyone we are all screwed. (where before they hid behind a wall of graphs and figures)
Then we probably will be.
Jaws dropped? What on earth do people think the financial market do apart from take bets each way on what is going to happen. Ever heard of shorting the market? This is not a new or secret market activity? Heard of “buy low, sell high”.
The financial market looks at flows of capital and works out ways to take a piece of the action and where they can they take it from both ends. And where there is no action that invent stuff - heard of derivatives, CDO’s?
Give me a break and grow up everyone. THIS IS WHAT THE FINANCIAL MARKETS ARE ABOUT! And if we dont like it then dont buy and sell anything. The best we can do is 1. support government to regulate activity 2. reduce our own risk. good luck with the former if you vote for a free market party.
If you ever needed any more proof as to who was actually in charge on this planet…
F*CK YOU, YOU ARROGANT GREEDY POS PIECE OF YUPPIE SCUM!!!
I hope some other even smarter, nastier, more arrogant trader cleans him out.
I’m only surprised that anyone is surprised at the reality he, in his anomic hubris/pig ignorant arrogance, revealed. When money becomes, in itself a commodity, all roots in reality are severed.
This man epitomises the thinking that underpins free trade ideology.
It’s a mentality that elevates greed to a virtue, with the reasoning that if every person makes economic decisions based on their own selfish interest then the economy as a whole will be more efficient and productive.
In this system those without morals are incentivised and rewarded, because it is more profitable to finance a factory in a country with no pollution dumping laws, or to add melamine to baby formula, or to take advantage of any situation in which it is possible to make a short term profit then get out before external costs become apparent and costs for damages come due.
In times gone by, members of a tribe or society who engaged in anti-social or sociopathic behaviour could be punished. Nowadays those who wreak havoc across the world economy reap all of the upside and no downside to their actions.
Wall street bonuses are back up in the billions, and no one went to jail for the systematic fraud that led to the GFC.
“Go ahead and continue to take us down, but you’re only going to hurt yourselves. What’s going to happen when we can’t find jobs on the Street anymore? Guess what: We’re going to take yours. We get up at 5am & work till 10pm or later. We’re used to not getting up to pee when we have a position. We don’t take an hour or more for a lunch break. We don’t demand a union. We don’t retire at 50 with a pension. We eat what we kill, and when the only thing left to eat is on your dinner plates, we’ll eat that.”
The general mentality of these creatures is one of predation and the general level of sanity is questionable. It’s a serious psychological issue. They expect and, no doubt, desire contempt from the rest of us so that’s no good. The question is how to put them on notice and restrain them. It will take a complete re-think of how the global economy works for that, and that’s not something many law makers have the courage to do.
At the moment there is a regular protest called “Occupy Wall St” that has only received media attention due to a violent incident ( http://abcnews.go.com/blogs/headlines/2011/09/occupy-wall-street-protests-turn-violent-video-shows-police-macing-women/ ). Perhaps now is the time for the machinations of the market to become a serious political issue. Letting political and economic leaders know that many people are fed up with “the market” being merely a libertarian (libertine?) free-for-all.