A 34-year-old Trader At Goldman Sachs Made A $100 Million Profit — And He Is Part Of A Dying Breed

feedback@businessinsider.com (Business Insider), Business Insider
Sun, 10/23/2016 - 6:27am

Thomson ReutersYou might have heard that traders at the biggest US investment banks have been curtailed. So how is it that a 34-year-old Goldman Sachs trader made a $100 million profit in just a matter of months? Justin Baer at The Wall Street Journal lifted the lid on the trader, Tom Malafronte, in a great story published Wednesday. Baer reports that Malafronte, who works on the high-yield desk, bought billions in dollars in junk bonds in January from clients anxious to sell, and then sold them later for a higher price. You might be asking, isn't that kind of thing supposed to be been banned by restrictions like the Volcker rule? It is reasonable to ask that question.

Topics: thomson reutersyou justin baer the wall street journal tom malafronte baer volcker january high-yield thomson reutersbut investment matt levine bloomberg deutsche bank june thomson reuterssecond barclays watch wells fargo ceo john stumpf goldman sachs baer malafronte ig hy 34-year-old trader part million profit bonds trading banks market bond time demand clients markets area hold case balance junk buyer principal gray finding hope desk hands making funds near-term restrictions offsetting great client kind turnover trades quickly chart amount matter short acting show sheets days inventories earlier dealer put expectation revenues bets agency huge

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A 34-year-old Trader At Goldman Sachs Made A $100 Million Profit — And He Is Part Of A Dying Breed

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