Sold!: The Lewis Borsellino Story | tastytrade Documentaries

Oh joining us now a man who knows a thing or two about trading SP contracts Lewis Borsalino one of the largest players in the SP pits in Chicago joins us here in studio so let's just start with the market this has been one of the wildest periods in recent memory what is the message of this market today that you can glean from a technical point of view I think the market looks good I think it's gonna range for the next two weeks Kazik God did not take up studies welcome assume maybe a ballast Bala to get out I'll show that technology get out where's the leaner shoulders grandmother typography when I was on the floor I used to call myself to survive right cuz you know I don't think I'm a rocket scientist but when I was on the floor I was very good at what I did I was born on the south side of Chicago we live like 103rd in fury which is known as the volson district my dad was a truck driver my mom just it started working my daddy went to Texas and um you know he was there for a year and you didn't fit in very well first of all he was Italian you know and in his father basically told your stupid oh how much money you make a play football oh yeah he was so football orange it he played it dumb Harrison High he got a sponsorship to Texas Tech so my grandfather had a nervous breakdown and my dad came back so I was talking to him about his life for you on time and he was always honest no totally honest I said you know what biggest mistake I ever made coming back I think he was sorry but he had to do with what was right for his parents so you got a job driving a truck and then um and him a mile could work together and you know that you need took care of my grandmother that was real sad for him my mom was the baton twirler at Harrison High School my day was back for a reunion he was about 5 years old my mother but he kind of stayed away from me because he thought it was too young he asked me out we went to the Chicago theater and saw Knute Rockne All American I'll never forget that proposed to me I was 18 years old at the Edgewater Beach Hotel I was 21 when a Merriam Louis came about nine months later maybe eight months later because I was talked about and then we moved to my dad's building we lived at 24:43 self healer because Joey was born there there two or two years apart now he was a great big brother we had a we had a typical big brother little brother elationship he was very very protective of me but on the other hand you know he was you want I want to compete me uptick thing you know me sold the house in the south side and then picked up and we moved the Lombard and he had to borrow money from one family member and he didn't he never felt good about that you know he never never liked the idea that he had the probably Marty so I think that allowed to do with the you know how he got more in the fast life and wanted to pay his debts off well I was working as much as I can to help out but I guess he did whatever it took to get his back I know my dad's a little different than the rest of the dads when we were kids remember the walkie-talkie came down Mattel walkie-talkies and everybody heads with Mattel walkie-talkies right and you basically go hey what's going on you can you know he can maybe hear like 200 feet away so I told my dad to go dead I go all these kids guy you know walkie-talkies because you want walkie-talkies I agree yeah next day came home he gave us these walkie-talkies hey and you can talk they were David from the Army right I don't go and my brother and I could talk to you no forced four suburbs over right but you know later you know you realize that those they were the talky cogs they use what they were good you know they were going on a score or something we had a brand new boat up in Lake Geneva we had you know my mom and him had new cars hit the house paid off he always had a wad of cash in his pockets in 1962-63 I I want every home Chicago Blackhawks game when my dad would go to the game and I you know I'd be with him it was all the guys well there was just guy after guy after guy you know and they're always whispering about something right they used to go at midnight and play in the stadium they play hockey and they would use all the Hawks equipment you know somehow someone knew Billy Ray and Billy Ray was a coach of the Hogs famous coach Boggs my dad is a picture with it he had number 18 then they had the team picture I'll have that team ended up in Leavenworth you know when my father got in trouble was for they had hijacked a bunch of trucks you know the the freight off the trucks some of us have blurted me I can't remember how what sequence had happened but he did get in trouble when we lived in Lombard you know was that it was kind of the jockey the joke writer you know where'd you get that off fell off a truck right you know so that was sort of uh as part of our whole childhood you know and and and the people they associated with you know they were all truck drivers if I remember right he got arrested ed ed his work cuz they were like uh like 20 guys arrested oh we went to trial and he uh lost he was found guilty and then he had to go away I was uh as I think I was like in third grade third third grade when it all started and uh I think like fifth grade by the time he went away we knew that there was trouble or whatever but he never you know he laughed always was happy never laid let that on that there was a problem or anything like that you know my dad had this this little smirk don't worry about it a Dickey ends up coming home like Mont january/february of my sophomore year in high school and then he had to stay at a halfway house for like 30 days so I remember him saying to my brother and I the pressures off now I'm home you know thinking like know that he was there that was pretty cool I was home for college you know summertime we're having a barbecue in the backyard and kid comes running back this in the backyard and says hey drum beating up chole on the corner I go running down to the corner he starts telling me was your brother where's your pick tough brother you know about uh you know I'm like how the car man I could see my brother running down the street on a full blast my uncle is there a glue-like and my dad we wanted down the corner and my brother was trying to defend himself like three or four guys around him he look like he was running about a 40-yard dash we're holding each other like this and just when I see him coming like tournament he sacks them well that escalated into you know we were sitting there and then you know kids were driving back and forth that turn to dude you know the other awake for you to fight these guys one on one and driving down the street couple weeks later song got out we got in a fight I got the federal he actually went to the hospital I got arrested you know when I think back of it you know we laugh about that night or so on but you know you're sitting in a holding cell your dad and your brother and you didn't really want that but I got convicted aggravated battery they do one-year conditional discharge but I have a felony on my record and you can't get a felony a sponge I was gonna try to get into law school went down to a counselor and he said you know you have a felony and you're gonna have to get through the board even if you get through law school you have to you gotta pass the bar for having a felony you could get tonight my brother and my dad you know walking my brother sees my dad crying and so uh Jose what are you doing tough guy you're crying you know he's stalled that too my dear my dad goes you know why I'm crying he goes where he goes cuz I never I know you'll never graduate college you stupid head breathe probably the proudest day of his life one of the proudest days he loved this all I love this kids but watching me graduate college he made it you know and so uh you know then the game changer I've been very you know my dad's home two days like he doesn't know a million times before goes out um says he'll be back and you know a day and he doesn't come home that night and my mother wakes me up and says uh you're dead then come home and I'm like oh yeah right so I try to start calling people and uh no one knows what's going on and we get a phone call from the Joliet police come out here we you know we got a body watch identified and so me my brother and my uncle went out to Joliet they bought a bunch of stuff out short head stained pot on it is it can you identify this stuff and I suggest my dad's and said well your dad's dead we shot left in a cornfield it's still the most awful thing they were happening in my life you know our Father original bull was probably just mentioning using he walked on water when our eyes I remember just hugging my brother just hug each other and cried what was so tragic for all of us um I told my son is that the only way they could ever get even is to be successful because jealousy is the root of all evil and people when they see you as successful that's your way of getting revenge there were two boys I didn't know what they were gonna do so I held it together for all of us I hope I did anyway remember I told you said the pressures off you know so you when your dad's around you always kind of think there's my rock you know no matter what you know everybody thinks that if you if you have if you're dead but if you're a loving guy right and your kids know that you love each other your parents are that right I think they believed me that that that they should have to go with their lives it was the life their father chose he would do anything not to have them involved I never thought my my boys Widow against anything that I told them you got to go on with life right there's a there's a funeral and then what do I do with my life I drove a truck I hate my dad had a small trucking company I drove the truck thought maybe I should try to expand the trucking company but you know all the relationships with his acquainted their relationship with that all went away within months why I was driving the truck I was going to the gym working out and was playing handball and I met a guy named Lumina and he was a trader and I'm following the market and looking at gold and gold did you know ganda like eight hundred dollars an ounce a night I was reading in the Wall Street Journal how you could trade these things called gold futures I said they were Lumina I might open an account he goes now you don't think it was come down to the Merc just be a great place for you a young guy like you you love it on her so you gave me a job as a runner I didn't know but I just remember the first day that I walked on the floor and I walked through the door and it was like this in at a football game with all the energy in the face and I was like holy [ __ ] at 47 Maury Kravitz has traded ten times the gold owned by the United States government more gold than anyone else in this country I started part time for an attorney by the name of basil Elias she worked for a guy named basil Elias who was a nice and he was really a nice guy and and then she ended up working for Mauri Mauri Kravitz well I always knew more amore Kravitz was Basil's friend and they were colleagues I want a full time and he couldn't use me full time so I went to work for Morrie Kravitz and he loved to get me nineteen eighty I hit the floor of the exchange and the first day that I was on the floor I went over to the goal pit with an order for the gold order and I tapped Maury Kravitz on the on the shoulder and he looked at me and I was like this and just look into his glasses he goes hey what are you doing here I go Moorea you know I got a job as a runner Lou Mader gave me a job he goes why didn't you call your mother to tell her to call me I said I didn't want to bother you you know and he goes you ain't bothering me like okay he said what are you doing I said I was gonna you know it took the law boards but I'm you know really think you know I might want to just come here he goes be back in two weeks you'll be a clerk for me did you have to know through all of this Maury and I stayed friends and Maury came to the funeral like he was very supportive and when he saw my son at the Merc he called me up and he said what are you doing why didn't you tell me that your son wanted to come here I said Maury I didn't realize what he what he wanted to do he said okay here's what you're gonna do Mona's cooking dinner you and the boys are coming here so we went there that's when Maury said to Lois's you are coming with me at the mercantile I am going to teach you everything I know and if you listen to me I'm going to make you boys millionaires yeah so create a good Mauri was still a lawyer I think up until like 1972 or 73 when the Merc started trading gold that's when more I decided to go to the Merc full-time Maury at one time at every single order that ever went into the Chicago pit he went around in the mid-70s going to the houses the clearing firms in saying if they ever trade goal because it was illegal for my was illegal to trade gold if they ever Jade gold can I get you your gold orders and your gold back and people said sure so when they started trading gold mauriz dec was I mean literally maybe a foot thick all the orders more II happened to be one of the largest brokers in the gold pit and Maury uh was very good at going out and soliciting new business forming a group and then basically going out and attempting to gather business and use basically economies of scale to be able to execute that business at a more effective rate now that was very disruptive to the industry everyone down on the floor for the most part if you were an order filler you were your own little enterprise you filled in cattle or hogs or gold or wherever if you were a local you moved from pit to pit possibly but you were your own little enterprise Morry building a group that went across all these different products it was very threatening to the establishment and innovators often are so he brought a competitive level to the brokerage business when I first met Maury Kravitz the man who's traded more gold than anyone else in the United States I told him I would call him a money master and he said rather you should call me the man who dances between raindrops without getting wet we went to his daughter Cheryl Bat Mitzvah and he basically you know said to me at the bath Mitzvah and my mother at kids getting his seat I'm gonna get him a seat don't see he's gonna be rich one day Lewis was down there working with Maury and this friend of mine came up to me and begged me to do out trades for this new kid that Maury had in there and I said no he was an arrogant cocky and I own him nothing to do with him but somehow they talked me into it and so I started doing his out trades and he came up to me one day and he goes you need to quit what you're doing here I come to work with me full-time and I did mid 1981 I got my seat impact me and got me a seat and it was leasing a seat I didn't own one and I think I opened up my trading account with no money in it I think Maury most of all was impressed with my loyalty he figured my husband was loyal I was loyal these kids have to be loyal and towards young where my father was uh you know coming up for parole over here you know and cup getting tonight every six months you get the night every six months you get to hide and I remember uh it was like a sophomore in high school thinking when's this can end and then the last time you came off a parole they my mom found this lawyer who was very good at getting people out her in parole and it was like $2,000 to move $2,000 right I'm worried it you know years later him and I you know we had an argument about something and I looked at him and I said you think I'm loyal to you because of the money I make walking my first day at the Merc I'm all dressed up my brother says to me hands me the other pencils sharpened all these pensions walk up there's a guy standing with his legs spread between the pencil sharpener and he's on the phone so I'm waiting waiting waiting so finally excuse me guy used the petrol sharper Denise tells me to get the [ __ ] out of here and I'm like what let's get the [ __ ] out of here I don't know what to do so I walk back and get loads of pencils and they're all on that sharpened he goes please it's wrong with you sharing these pencils before all the whole group of guys I go that guy over there told me to get the [ __ ] out of here you just [ __ ] him kill that [ __ ] so I'm like alright so I go back I go excuse me cuz sharpen these pencils he goes took the phone on again didn't I tell you get the [ __ ] out here I go yes you did and that's the last time you know tell me boom being being being vain it's like a movie scene every on top of me my brother goes what are you doing I go what anyone ever done you told me to kill the guy I'm trying to kill him that's my first date first day of the Merc going into October of 87 I was I was having a great year I was up like almost two million dollars I actually was up to a million dollars trading and it was because of the volatility of the stock market we were you know having ranges and you know be a 2000 point range in a day I can remember when the Dow went through a thousand I remember when we first started trading I was writing 650 on my cards well 1987 was incredible they made 2 million in 87 you know it was like I'm 27 years old or 28 years old I just made 2 million dollars I started hanging around with these guys that were pretty successful and you know I playing golf doing things like that and they were all going on a trip to Europe and I said I never been to Europe and they said well come with us write the Friday morning that I was leaving I went to the floor of the exchange I traded the market was getting beat up it was it was going it was going down I made some trades I was up like $25,000 and got cut to O'Hare I called Joni and I go Chum what's going on because this thing almost slack limit down you I are you kidding me she goes now I go how much my up she was yo Yori off like 200,000 I go alright well put my stop you know 500 points from here and so on but make sure you get me out cuz I'm gonna be on this plane and I won't be able to get a hold of you make sure you get me out because I think the market would bounce on Monday and I don't want to get caught in a position she goes what should I do it the clerk cycle let him all go on vacation don't worry about it well we were all going on vacation he went to Europe I took a bunch of clerks with me I get on the plane while my bodies and they go everything ok I said yeah gonna have a great time I'm just made 200000 then came to crash Monday started on as an average day all of a sudden things started to progress more looking up the market some trading rapidly down on the downside you know and it was like really really scared because there was no liquidity at this time because every was scared that Monday we're staying at the bull revived Hotel in Switzerland took a cabin into the business district and I'm sitting in Piaget and across from me you know I got this Swiss guy at pjo and I'm talking to the guy and I'm looking out of the corner of my eye I see on the credit might be the credits wizard a Swiss bank bank building there was a ticker tape you know going by I looked and I said and it says you know the Dow is down 500 and I'm like hey I think the tapes broke right he goes oh no I'm sure don't you know the American stock market crashed today down 500 I go you gotta be kidding me so I I like turn white stand up and he's like walking behind me was you know don't want to buy the watch and I look at that no go there I wanted to tell her to put the watch right and I get outside I get in the cab I go back to the bull Rivage hotel and when I get back to the hotel my phone has like five messages right and I call it's my brother and I'm making you better get home my world's coming to an end there you know you got to get home sons it's incredible Japanese in the pitch here it is Monday afternoon you know I'm not scheduled to go back to that's Sunday and I call British Airlines because they had the Concorde I landed in New York I had to get on another plane now the markets open Tuesday morning now the markets open and trading and I don't have any clerks wrong Johnny's gone I sent all the clerk's back them and it's when they're all crying about how come you get to stay but I'm like get back I put them all on a plane that afternoon I made about three or four hundred thousand trading I had the Eurodollar position and then Wednesday I made another fifty sixty thousand dollars and then Thursday morning was the trade of my life right he had to read body language when you're reading body language and you can tell if someone's nervous because they have a big order to fill it's about two or three minutes before the market opens up and he comes in and he looks in my direction and so the what are you doing I said I don't know what are you doing well I'm offering the ESPYs I'm five hundred lower I go okay I'm a thousand lower he goes well I'm fifteen hundred lower then other guy jumps and goes I'm 2,000 lower and so this thing just starts toppling to the point where they open the market about five thousand points lower as soon as the bell rings I try to go by the contracts from the Shearson broker the guy behind me who now is filling the Salomon Brothers stuff says I'll sell you two hundred and now I'm trying to buy you some more but as soon as I get these on my card the market I'm looking around in the market is five thousand lower and nobody's saying anything someone tried to sell me another three hundred and another three hundred I would have like almost eight hundred contracts now you gotta remember a thousand contracts at a tick it was it was you know twenty five thousand it take but these are this was moving in thousand point increments that was a million dollars a tick and then all of a sudden I see two markets start all the platy language everyone starts bid in the market up and I catch you guys I across the pity goes what are you doing I go sold he goes I got two hundred I go sold and I'm fumbling through my things we write down the price I look at I give my cards to this other clerk who was working for me figure out when I made on that and I'm trading and doing some other trading and she goes you're up 1.5 million I go I walked out of the pit went into the washroom and I threw up I actually physically threw up because I kept thinking this could have been the end of me and so what happened was that's the famous futures trade that George sorro's put an order in to sell 2,500 contracts to get out of his position they put the order in twice so they sold 5,000 contracts and that was like a 60 million dollar error I mean here I made 1.5 million dollars in seconds well then we had the other shoe drop and that was the FBI investigation and all the traders they got indicted at the border trade in the mercantilist traders were shocked today with news that undercover FBI agents posed as workers here for two years uncovering what could be the biggest financial scam since the Wall Street insider trading scandal with the open outcry system off times when it was very busy there was latency and getting your fills you weren't happy with your fills people often felt disenfranchised archer daniels felt they weren't happy with the execution that we're getting the investigation looked into whether or not there was impropriety in the way orders were being executed were rules being followed brogre through several unnamed investment firms systematically cheated their clients of millions of dollars they allegedly used a version of the so called bucket trade where brokers would sell futures for one price but tell customers they sold for less allowing the brokers to pocket the difference I've not even quite sure the government quite understood how the business worked what was what was a convention what was illegal uh I think they struggled with that and they struggled communicating then I looked at my clerk Joni at the time I said guys okay FBI agents or something there's something with that guy and he was standing in there and he was being real friendly and there was just something about him and I kept saying he's a Fed he's something many claim the system itself is flawed because unlike the stock exchanges the commodity exchanges allowed kirsta trait for themselves and their clients at the same time two guys show up understanding in front of me and I'm looking at him and they got new member badges and I sit on who you guys they go over new guys you know we heard you know we know the score over here with standing here we used to be at the border trade in this net and I'm looking at going well here's the deal if I don't know you since birth so that means you got to be my brother or a cousin or my friend or the guys that have been standing in front of me for the last four years you guys got to get get out of here they actually came up with schemes and tried to talk to orders into them which I thought was entrapment the guy took me out to lunch one time asked me to go out to lunch in another loser rosiest I don't remember but I was asked that I went to lunch with him because you know I'm friendly never and he starts saying oh you're a great trader that I guess I got a million dollar tax loss so if you make money you could give to me your trades and I'll give it to you in cash you know got pay no taxes experts say the kind of crime the FBI is now investigating has been common in the trading pits four years ago I don't think said I want to do that you know this is why I go cuz uh first of all it's against the law and second of all it's too good there's you know when things are too good to be true they're usually too good to be true the FBI didn't just work in the pits the undercover agents lived the high life of successful traders taking apartments and Tony Chicago neighborhoods blending in with high rollers the rumor headed in the crash of 87 they lost those two guys lost about five hundred thousand dollars in the crash there were indictments and people some people beat it some people went to jail that vestigation did bring cme very swiftly to enact new enhancements better audit trail more enhanced enforcement they put cameras down on the floor and filmed people they did things to reinforce very strict adherence with the rules which was great I didn't I never even got a subpoena never got a subpoena and I think that you know coming from my background icon is always knew that I was under a different microscope now the investigation was a was a black eye it was embarrassing I think for the exchanges to say it mildly but if you look at what happened in volume after the investigations volume doubled and tripled every year for the next several years what that told you was that the true users of the product were very happy with the system and the way way thanks for being done good day everyone and welcome to a special edition of street signs live from the floor of the New York Stock Exchange I'm Ron and Sanne joining us now to talk a little bit more about the action in the stock index futures pit today is Louis Borsellino he is one of the major traders in the Chicago Mercantile from the Mercantile Exchange Louis thanks for being with us today I ran art violence on I used to work in Chicago and he wanted to get an interview on the floor the exchange and he couldnt get anybody to do an interview so he knew my name I didn't know him he just called me up and said it's Ryan and Sinai would you do an interview from the floor of the exchange I said sure we're not killing people here we're trading right I remember the first day they came on the floor and they interviewed me and all the guys are going crazy you know they're all heckling me throwing cards at me I'll do everything and you know I said them why wouldn't we want people to know what we do here right and in 2000 they started showing the volume of the e-mini bit and the e-mini exchange was actually doing more volume than we were doing on the floor what happened is they created an era between the big pit which was the big contracts and the e-mini contracts so with that happening the writing was on the wall that electronic trading was gonna be you know the wave of the future an opportunity arose to start the first nest at stock trading room in Chicago the Nasdaq was truly an electronic exchange at the time and Jerry Putnam Marvin Stuart Townsend they approached me to do a company which we formed called Chicago trading and arbitrage and that eventually became Archipelago and eventually merged with the New York Stock Exchange but at the end of 99 a disgruntled employee came and gave me a folder which about six inches thick and showed me everything they did to hide our compellable for me by sued him for a hundred million dollars I finally went to a one-week trial and I won I sued him for fraud and that they fraudulently induced me and awarded me 11 million dollars plus punitive damages the appellate judge basically said that there was a fraud and I had standing to sue them but he said I was already compensated because they had to give me back to $250,000 they gave me when we did the settlement you know 2001 I struggled to make money made a little bit 2002 I struggled and by the end of 2003 was the first year I never made a dime and I just said that's it for me I'm leaving and I left in 2003 I was scared what was I who was I what can I do you know you know I used to trade 2000 big contracts a day that's ten thousand minis right I mean you need you need a five hundred million dollar account to trade that okay you know that kind of liquidity I'll let other people tell you when I was on the floor I used to call myself the savant right cuz you know I don't think I'm a rocket scientist but when I was on the floor I was very good at what I did and I could manipulate the market just with the shirt the presence when people knew I was buying they thought that they should be buying to that I knew something now the depth of the market right there's no one person who could push the market though the biggest transition for me a husband was I have to wait for the trades to come to me a lot of guys left the floor and did what we used to call bunkering they would leave and then they would build the office surround themselves the screens and sit there by themselves and there's nothing worse for a trader than sitting there in his own thoughts especially when you're used to all that noise those imputs and everything it's that's hard when you're used to boom boom boom boom you know every time somebody open their mouth to a sold sold sold buy buy buy and when you're on the computers good you could do that click click lick lick lick lick lick and I was in you look I just lost ten thousand are you kidding me I'm not used to that my dad woke me up he used to be a big Jagger so welcome up at like seven o'clock in the morning one time and I was out all night right and he said come on we're going jogging I go dad I just got home and he had this big fear that I wasn't gonna graduate college so you know I loved College I thought it was a partier he was worried that I like the lifestyle like I liked hanging out on Rush Street I like going firing a cabaret you know that that you like cabaret and you like booze you like girls you like you know you like I like you better finish college you better you know he was always in my ear you do Beauty you know you like these things you better you know get a job that will support what you want to do right my brother and myself are running with them and our so I kind of ran in front of them you know and so I beat him fight I you know half of my out of her and I'm stretching out thinking I'm gonna tuck in I go my way I was out all night above about he didn't even stop as he walked by usual won't actually hug right I remember looking at him and I'm laying on the ground he's so you know what you may not do what I tell you to do but you owe me to respect to listen to what I have to say it wasn't the punch that made him me realize that it was the respected I had for both of my parents here's the great thing about being an adult right you you learn from your parents mistakes good bad indifferent you learn from their mistakes and you know there were things I you know you know obviously my dad's lifestyle was not very it wasn't a very good choice right he was gone for six years get murdered and you know and a lot of a lot of embarrassment for for me my mother my brother I mean embarrassment not because we were embarrassed of him but just the whole stigma right they've been there and back they these kids have been through hell as young children and they'd have the good life and they know what it is to get knocked down and they know what it is to get back up my biggest Couchman is our kids and they're gonna be good parents someday my mind dad gave me like did everything they can to give me everything and you know that's kind of like my goal in life is to just provide for my kids wouldn't eat what they did and you know obviously I was big shoes to fill he's done like some pretty amazing things like and we don't give him credit enough and I definitely don't give him give him enough credit for it so I definitely like and he inspires me to you know like go out there and make things happen because that's what he's got his whole life everything since I remember I was little whenever he was raising all of us is just to basically be a man's man you know always uh I keep your chin up you know don't don't--i don't take any stuff from anybody you know you just he raised the stuff and I love that that's how we all turned out to be and that's obviously how he was my remembers my dad was was always in Lake Geneva uh at her summer home my dad used to come in and not let us sleep a second 6:00 in the morning he's a huge morning person I always said if you want something for my dad you ask him before 8 a.m. and he'd come in and yelling everyone get out of bed you know we go waterskiing and then we'd all go take the take the boat eat breakfast and you know be my brothers and my Uncle Joe's kids and whoever we brought with us I was the first guy in Lake Geneva Wisconsin to to buy a house I remember when I bought the house the guy and that I bought it from was 80 and my two neighbors were 80 and 90 and when I bought the house and I knocked it down you thought that I killed somebody and I knocked it down and and we built this beautiful house and there were 30 people there a weekend for 30 years until I had to sell it less sure it's been a really sore subject for me because I had my family around me every every weekend you know my kids talking I gotta bite back the house when I left the Merc what do you do when you're you're that agent and then people were coming up to me say hey we got this investment you make seven percent on your money over two years and I'm gonna 7% I'm gonna leave it in my company five hundred percent leave me alone you know you know in hindsight I should've known because I had bought some apartment buildings and things and so on I and you know that they look at me now cuz you know I wanted the nursing home business and Brandon's in trouble to state my bank failing and different things and they and they're like now their rightful why don't you do this and why don't you do that you like to do this and and I look at their I'm going hey why don't you go get your own job right you go you you go get your own job you you do what you know don't worry about me I'll be okay I'm worried that you're not gonna be okay I've been through the gamut everything else is a bump in the road it's how you handle the bump the realization that this is coming to an end it was more the realization that if you were gonna be in this business it was going to be different and either evolve or die or leave don't be afraid there's a there's still a way to make a living in life there's opportunities take what you learn down here and right here is capitalism at its best buy low sell high and be disciplined about it and then you can survive in anything else you you you you you hey everybody hope you liked this video if you want to see more great stuff from tastytrade check out our channel watch our videos and check out our website

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Keywords: Story, Documentary (TV Genre), History, Lewis Borsellino, S&P Pit Trader, Trader (Profession), Tastytrade (Business Operation), CME Group (Business Operation), Chicago Mercantile Exchange (Business Operation), E Mini S&P 500, floor trader, Chicago Board Options Exchange (Stock Exchange), Chicago, trading pit, NASDAQ-100 (Index)

Id: GAROtBTd4dg

Length: 45min 52sec (2752 seconds)

Published: Tue Dec 15 2015