Phew! I was beginning to think even an untrained monkey could make money trading on Wall Street

(Former) UBS trading desk, Stamford

(Former) UBS trading desk, Stamford

NY Magazine’s headline story about 17-year-old trading genius who’s earned $72 million while attending Stuyvesant High is a hoax. I guess it takes a trained monkey.

Folks, we should know this by now: if a story appears with a sensational headline yet with few, if any facts or background, presume it’s false. When journalists actually do stumble across stories that obviously require verification, we know to do the verification, and to include the verification in the article. We don’t write 300 words and move on.

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6 responses to “Phew! I was beginning to think even an untrained monkey could make money trading on Wall Street

  1. Cos Cobber

    Off topic.

    Donovan+Williams+Malloy+Nappier = fiscal mess. Too many CT dems work for unions, not for tax payers.

    http://ctmirror.org/former-house-speaker-lands-job-at-teachers-union/

    Christopher G. Donovan, the former speaker of the state House of Representatives, has been hired by the state’s largest teachers’ union — the second former legislative leader to land a job at the Connecticut Education Association this winter.

    Donald E. Williams Jr., the outgoing Democratic leader of the Connecticut Senate, also landed a job at the state’s largest teachers’ union and will start in January.

  2. Riverside Dog Walker

    This story stank to high heaven when I read it over the weekend. Even if he is the next trading savant, how could he possibly have enough capital that he has grown it to $72M? If one is going to lie, the lie must at least be plausible.

    But the reporter is sticking to her story, because she saw an account statement in he high 8 figures. She must not have been a Madoff investor, if she fell for this.

  3. another starbucks 4 me

    It was probably $7.2m, the reporter probably “misread” the decimal. I don’t doubt “Mo’s” market momentum skills but his buddies and him probably got carried away with the tale at LAVO, intoxicated by all those bubbles and babes. BTW the same place Mark Sanchez picked up Eliza Kruger in 2011, who at the time was coincidently 17 years old.

  4. Peg

    I think that in the “new” journalism, accuracy, investigation, honesty and the like are too old hat. As long as it’s a good story, it’ll get published.

    “All the Fiction that’s Fit to Print”?