In the fourth quarter of 1994, Morgan had a $72 million loss from bond trading.
"I think, in the entire world of bond trading, he considered himself the best there is," one former colleague said.
And since bond trading is a global business, the impact was also inevitably felt in Europe.
Despite knowing little about bond trading, he managed quite well for a while.
All these concerns mean that today's employment report could have a significant effect on bond trading.
They say the package in its current form will slow municipal bond trading.
Government securities markets were closed and corporate bond trading was light.
The vast majority of bond trading takes place through dealers who do not report trades to the public.
It turns out that he finds political action more satisfying than bond trading.
By 2005, he said, about 40 percent of their bond trading will be done online.