* Of all the conflicts of interests inside a Wall Street bond trading firm, here was both the most pernicious and least discussed. When a firm makes bets on stocks and bonds for its own account at the same time that it brokers them to customers, it faces great pressure to use its customers for the purposes of its own account. Wall Street firms like to say they build Chinese walls to keep information about customer trading from leaking to their own proprietary traders. Vincent Daniel of FrontPoint Partners offered the most succinct response to this pretense: "When I hear 'Chinese wall,' I think, You're a fucking liar."