Take A Report (you’re done), the outrageous, raunchy, and at times, hysterically funny anonymous blog from an unknown Trader has been outed — and fired.
Large — thats the pen name of the trader/blogger who writes Take A Report — worked at Citibank, and was shitcanned for "blogging during company hours." Or at least, that’s the excuse they gave. (WHOOO-HOOO! Thirty day weekend!)
I discovered his uproarious blog via a random click while looking for a review of the Billy Joel concert at Shea stadium — it was laugh out loud funny. It turns out that one of my traders is a longtime reader, and obviously relates to the perspective of someone at a trading desk dealing with the markets — and life’s — pressures.
The blog is pretty raunchy, and often features "AFTP" (Ass From The Past) and "G.I.F.T.s" (Girl-I-Found-Today). I can understand why Citigroup wouldn’t want to be officially associated with this. I don’t understand why what someone does on weekends and in their off hours would make a difference.
Then again, I don’t work at one of the giant grist mills — and would never fit in well anyway.
Here’s a boffo idea: Citigroup should swap out their Risk management team (who missed billions of dollars in bad buys of garbage paper) with their Compliance team — who somehow spotted an obscure blog that never even mentioned Citi’s name.
Someone should inform Citigroup Chief Executive Officer Vikram Pandit that the more important division is asleep at the switch, while the lesser division (AKA Department of Business Prevention) is sharp as a tack.
Take A Report . . . you’re done.
Update: August 8, 2008 10:24am
Here is the Bloomberg piece on Large that led me to post — they had the story before me:
Citigroup Cashiers Mr. `Large’ Before ’08 Equities in Dallas
Bloomberg, Aug. 8 2008
Yesterday, I was supposed to do a quick 3 minute spot at Bloomberg, so I headed off to the studio after the close to talk about AIG earnings.
Only the AIG earnings were rather delayed (more than 20 minutes), so I got to babble for a good long time.
Barry Ritholtz, chief executive officer of Fusion IQ, talks with Bloomberg’s Julie Hyman in New York about American International Group Inc.’s second-quarter loss reported today, his recommendation of Western Union Co. and the outlook for the financial industry. AIG, the world’s biggest insurer by assets, posted a $5.36 billion loss as writedowns tied to the housing slump wiped out profit for a third-straight quarter. (Source: Bloomberg)
13:380 AIG, Western Union, Fannie Mae, Freddie Mac
short embed video (2 minutes)
Fusion IQ’s Ritholtz Expects More Writedowns at AIG: Video
Bloomberg, August 6, 2008 19:58 EDT
on the future of the economy, with David Rosenberg, Merrill Lynch North American
Final Thoughts: The U.S. Economy
David Rosenberg, of Merrill Lynch, discusses his outlook on the economy and the housing market
Discussing the economy and stocks, with Matt Zeman, LaSalle Futures
Group; David Rosenberg, Merrill Lynch; CNBC’s Rick Santelli & Steve