Now reports say Morgan Stanley plans a spin off of Frontpoint at some time during the next three months.

FORBES: Investment Banks Move To Dodge Volcker Rule

Morgan Stanley (MS) spun off its FrontPoint Partners hedge fund unit, parting company with co-heads Dan Waters and Mike Kelly.

FORBES: 3 Ways Banks Will Be Killed by New Rules

But even being a hedge fund manager at FrontPoint (owned by Morgan Stanley) was not enough, Skowron took to insider trading to make sure he was the best hedge fund manager out there.

FORBES: Insider Trader To Prison, Skowron Gets 5 Years

Steven Eisman of Frontpoint Capital delivered a scathing brief against for-profit education companies Corinthian Colleges, Apollo Group, ESI and Washington Post, saying they were creating the next subprime crisis by inducing students to borrow billions of dollars in federally guaranteed debt.

FORBES: The Big Short Part II: Uncle Sam