No matter how many times embarrassing Wall Street emails or conversations get made public, it never seems to stop.Just this week, we had a British bank exec’s allegedly profane outburst against Americans made public in a complaint from a New York state regulator. We also had an aspiring trader’s hilariously unprofessional rainbow cover letter email go viral.
So we’ve decided to compile a rundown of Wall Street’s most embarrassing words they probably wish were never made public.
Back in 2007, then-CEO of Lehman Brother's Dick Fuld sent an email response to the bank's now former chief strategy officer David Goldfarb back in September 2007 where he sounded like a total frat boy.
Fuld, 'I agree we need some help-but the BRos always wins!!'
Of course, we all know what happened to 'the BRos.'
This was an email sent by a Standard & Poors employee prior to the financial crisis.
'Rating agencies continue to create an even bigger monster -- the CDO market.'
'Let's hope we are all wealthy and retired by the time this house of card falters.'
'I'm managed (sic) to sell a few abacus bonds to widow and orphans that I ran into at the airport...'
And how about the personal messages Tourre sent to his girlfriend, Marine Serres?
'Just made it to the country of your favourite clients!!! I'm managed (sic) to sell a few abacus bonds to widow and orphans that I ran into at the airport, apparently these Belgians adore synthetic abs cdo2.'
Last year, JPMorgan Chase used some embarrassing emails in a counter suit filed against Lehman Brothers.
According to the lawsuit, JPMorgan claims that some Lehman and Barclays employees deceived the bank with bad assets that they were describing as 'toxic waste' and 'goat poo' in emails.
Who says that?
An aspiring trader named Matthew emailed a trader named Carl about what it takes to get a job in the industry.
Carl responded and asked Matthew to add a 'little more colour' about what he's passionate about.
Well, Matthew sent back a very colourful email indeed using colourful fonts.
Carl then responded, 'please explain your rationale for the rainbow.'
The embarrassing email went viral and we're pretty sure that line 'please explain your rationale for the rainbow' will become an instant classic on the Street.
'ReUnion is not strict on IDs so if you have a fake you will be fine. If you don't have an ID… get one!'
Last summer, a JPMorgan Chase intern sent out the following email from his work account to hundreds of other employees advocating the use of fake IDs. (emphasis his)
What's up guys,
So tonight is going to be wild… ReUnion Bar on 17th and Park Ave @ 10pm. We already have 100+ JPMC interns who accepted the invite, so tonight will be a great opportunity to check out everyone and have an awesome time.
ReUnion is not strict on IDs so if you have a fake you will be fine. If you don't have an ID… get one! Sorry about that, I will push for black 'X's' next time so those without IDs can come hangout, since I want you all to have a great time this summer.
Don't miss out! Tell everyone, it's going to get wild.
'ReUnion is not a pushover bar, I am sorry for the rumours that spread, it is 21+ see you all there, enjoy.'
'The subprime market looks pretty damn ugly...' but 'we're very comfortable with exactly where we are.'
Former pageant beauty queen turned stock analyst Danielle Chiesi, who pleaded guilty to participating in the Galleon insider trading scheme orchestrated by Raj Rajaratnam, was told not to put anything in email, according to Fortune.
Still, that didn't stop her from saying a bunch of embarrassing things that ultimately became public during the trial.
Here's one little snippet from the secret phone recordings prosecutors used:
'Do you think in this environment, I know everyone's being investigated, do you think I could buy it here? Honestly? I'm glad we're on a secure line. I appreciate that. What do you think I should really...Should I buy here? I'm a little nervous because people are going to investigate me. I really believe that. Because there are a**holes in this world. Every hedge fund is going to go out of business. And they're jealous.'
In 2007, an email was sent to some Lehman Brothers' managing directors about a Bloomberg article on Bank of America's CEO Ken Lewis saying a credit bubble was about to burst.
To which Ian Lowitt (who later become Lehman's finance chief in 2008) responded: 'Do we have the balls to be the ones who pull back first to lead the market??'
Business Insider Emails & Alerts
Site highlights each day to your inbox.