Brian Murphy: Former Trader Becomes Baker Smith Island Cakes

57:00
 
Share
 

Manage episode 218784854 series 1094055
By BlogTalkRadio.com and Maureen Ennor. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
Please join Maureen Ennor live Monday morning at 9:00 AM PST with Brian Murphy former commodities trader turned baker and owner of Smith Island Baking Company. on SM2KWS. For more than a decade, Brian Murphy spent six days a week trading commodities like electricity and natural gas—and even weather derivatives. Working his way up at Constellation Energy Group (CEG) in Baltimore, he was, by the age of 30, overseeing a group that brought in $4 billion in annual revenue. Then Lehman Brothers declared bankruptcy. As a counterparty with Lehman on energy transactions, Constellation saw its stock price sink 40 percent, and the company came under siege. Highly paid traders like Murphy were now expendable. He took a severance package in December 2008 and retreated to his family home in Easton, Md. Options soon poured in. "I could have gone to banks in London or New York or Chicago," says Murphy, now 32, and the father of four. "But I've lived in eastern Maryland since the second grade. My wife and I just didn't want to move."

69 episodes