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Well as this debate -- throughout the week appears to heat up about -- we should break up the banks we've been talking about it.
We have a former trader here who is watching from the sidelines leaving Wall Street back in 2000 -- to -- things.
Andrew frank Vargas of professional poker player X derivatives trader on Wall Street and he joins us now -- any type things I would does that basically say that what.
People don't Wall Street and what you do now are essentially this that's gambling.
There's definitely a component that works in both its all about risk management at poker table or when your trading.
Especially as a derivatives -- you're dealing with a lot of math and calculation.
So yeah there's definitely.
A skill that when you learn one you can do on the other what you leave him one of the reason they're brought up the break up the banks discussion is because everybody.
We had no ferocity on yesterday with the talking lot of people take -- shots.
At Wall Street just get sick a better.
-- you know for me actually.
Absolutely loved to I was doing right when I walked away but at some point in your career even if you love what you're doing you wanna change and I've been trading derivatives for fourteen years.
So at that point I was just looking for a new -- around twelve ha ha ha I'm 39 -- Now I had a nice long career and in derivatives terms that's actually -- forever you know fourteen years.
It's like to -- even -- I love what I was doing a wanted to change.
And I don't know what that change was actually didn't leave Wall Street.
To play poker -- left Wall Street and then traveled that all the things that I never -- to afford to -- piano and photography and then.
About a year after I left I took up poker any good poker numbers by the -- images showed yeah yeah well how would you earn an annual lay -- -- -- it comes in in chunks but you know made about two and a half million dollars the past couple years playing so.
Thankfully -- had you know three really big major wins.
And a number of a smaller ones but.
You know it's -- a great decisions that a lot of -- But looking at -- just and they have major JPMorgan often multibillion dollar loss that happened where you actually work -- nine pounds at one point.
How many people who trade derivatives on the street don't know what they're doing or think that they're -- -- their risk and aren't.
It it is clearly all the higher ups up all the way up Jamie -- in that instance did have a grip on the risk and potential downside.
Well I think that's an unusual case and there's gonna be the one off cases and it's really tough to regulate against that that you know of someone is taking risks that they shouldn't I mean.
It's gonna happen from time to time but your average derivatives trader is well within their -- -- and when I was at JPMorgan -- actually very impressed by the risk management.
And you had I thought they were really on top of -- I was absolutely shocked when I heard that story and one regulating and stupidity.
And one that's not a lot of office is lot more scandalous broken out with the thought -- that watching from.
The sidelines once again that's something where.
I'm a little bit surprised that it took so long for them to do something about it and what general it was a joke when you worked in -- you know I had I was in equity derivatives trader so.
I'm I don't follow Libor to closely you know -- had to hedge their interest rate risk but it wasn't the primary focus -- what I was doing on the derivatives desk.
But for certain it I was surprised that it took so long for them to actually do something about it once the problem was uncovered all right.
With the worst part of -- My apocryphal but now worst for a while I admit that -- my hero -- a drink you know -- bankrupt and but what other than I guess the -- -- erratic.
He plans or for sure -- taxable earnings it is and it's you know one of the things I really enjoyed about Wall Street is is the camaraderie of going to work -- senior here for your colleagues every day.
And it's a bit more of of the lonely lifestyle -- of traveling to Barcelona next month the plane attorney and and then Los Angeles and it's a very individual.
Game you know you have to be on your game and you have to.
You know you're not.
Sharing your ideas with a lot of people and that's one of the things I like about going to work everyday in Wall Street is -- -- my colleagues.
But I really I mean.
You're talking after just one my second world to brace itself have pretty happier that I might not actually Franken are probably more cigars and and is on Wall Street that didn't quite a few -- if -- -- -- nobody yet for sheriff Andy thank you --
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