Lucien Thomas Baldwin III

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Lucien Thomas Baldwin III
Occupation Chairman
Employer Baldwin Group, Ltd.

Lucien Thomas ("Tom") Baldwin III is a legendary bond trader and chairman of Baldwin Group, Ltd. parent company of investment and financial services firms including Baldwin Commodities Corporation (a Treasury bond futures proprietary trading company), MC Baldwin Financial Company (an international financial services joint venture between Mitsubishi Corporation and Baldwin Financial Corporation) and commodity trading adviser (CTA) Baldwin Managed Futures.

He was famed for taking large positions and moving the market in the Chicago Board of Trade Treasury bond futures pit. He reportedly represented as much as 5% of the futures volume in the 30-Year Treasury bond pit at the CBOT, according to a Crain's Chicago Business story naming him to their 40 under 40 list for 1995.[1][2]

Fellow traders called Baldwin "The King" and reportedly he would hold as many as 60,000 futures contracts. His trading spurred the development of a hand signal in the bond pit to represent his trading, brushing hair back with one hand--pit pantomime for 'bald.'[3] Baldwin's trading badge was "BAL."

In 1987, Baldwin earned $19,160,059 from his bond trading activity, according to a document from a tax court dispute Baldwin had over his Michigan property. His income decreased from $7.25 million in 1988 to $3.045 million in 1992 due to being distracted by marital problem, divorce litigation and health problems from a plane crash.[4]

In 2000, Baldwin quit trading bonds on the floor of the CBOT and was quoted in the New York Times that he was trading Nasdaq stocks.

On March 12, 2009, he was inducted into the Futures Hall of Fame, which was established in 2005 to commemorate outstanding contributions to the global futures and options community.[5]

Background[edit]

Baldwin has an agribusiness background and worked in a meat-packing plant in Ohio. He started in the futures markets in 1982 with $20,000.

Baldwin was a full member director of the CBOT Committee and the Executive Committee. He was chairman of the CPO/CTA Advisory Subcommittee and chairman of the Regulatory Compliance Committee. In 1987 and 1988 he was on the Floor Governors' Committee.

In 1986 was a member of the committee for Reg. 320.15 and Reg. 320.16. In 1985, he was vice chairman of the Treasury bond futures pit committee.[6]

In 1991, Baldwin and his family made headlines after they survived a crash of a small plane in Michigan's Upper Peninsula. Baldwin was credited with saving his children and the pilot of that flight through his survival skills.[7]

An interview of Baldwin by Peter Borish, formerly of trading firm Paul Tudor Jones, was featured the book "Market Wizards" by Jack Schwager.[8]

Baldwin bought and restored a large 1919 26,000-square-foot log cabin property in the Upper Peninsula of Michigan that his family used as a retreat. He is attempting to sell the property, known as "Granot Loma" for $19.5 million, down from its original offering price of $40 million.[9] He bought the property in 1987 for $4 million and spent a similar amount on its restoration, Crain's Chicago Business reported in 1995. The site is listed in the National Register of Historic Places.[10]

He also bought the Rookery Building in Chicago on LaSalle Street with the help of some investors, including San Francisco's Chevron Oil Corp and ING Bank of the Netherlands. His real estate firm, Baldwin Development Co. also oversaw a $20 million renovation of the Reliance Building, owned by the city of Chicago.

Education[edit]

Baldwin holds a bachelor of science degree and a masters of business administration in agribusiness from Santa Clara University.

References[edit]

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