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and I thought the trader I work with was risky!!
guess commodity traders can't get into this much trouble!
http://uk.news.yahoo.com/rtrs/200801...a8bf950_3.html |
Re: and I thought the trader I work with was risky!!
a couple of million, you could just about see how they could get away with it, but 4.9bn euro, how the hell did that happen....!!!
MM, xx |
Re: and I thought the trader I work with was risky!!
Originally Posted by Inselaffen
(Post 5833092)
guess commodity traders can't get into this much trouble!
http://uk.news.yahoo.com/rtrs/200801...a8bf950_3.html I would have thought international banks would have more checks on futures trading by now. They never learn. |
Re: and I thought the trader I work with was risky!!
Originally Posted by MacScot
(Post 5833524)
This story reminds me of Nicholas W Leeson, the rogue trader who brought down Barings merchant bank in 1995. He was the bank's Singapore general manager of futures trading, and lost 860 million pounds — then worth $1.38 billion.
I would have thought international banks would have more checks on futures trading by now. They never learn. |
Re: and I thought the trader I work with was risky!!
Originally Posted by Madam Medusa
(Post 5833282)
a couple of million, you could just about see how they could get away with it, but 4.9bn euro, how the hell did that happen....!!!
MM, xx |
Re: and I thought the trader I work with was risky!!
Originally Posted by Sam FTQ
(Post 5833579)
Yeah, but the Leeson case wasn't fraud as such, just incometence and stupidity.
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Re: and I thought the trader I work with was risky!!
Originally Posted by IndieGirl
(Post 5836563)
Incompetence and stupidity on Baring's part - not Leeson......
it is still extraordinary that following barings, bank haven't got formal checking controls in place...as i said, this isn't a couple of million that's gone missing, it's Billions, lol... MM, xx |
Re: and I thought the trader I work with was risky!!
Very true MM! How have you been?
The toll so far: Bear Stearns: $1.5 billion. Commerzbank: €1.2bn Merrill Lynch & Co. $14.6 billion Citigroup : $18.1 billion write-down (could be as high as a $27 billion write-down) Morgan Stanley: reported the first quarterly loss in its 72-year history: cumulative charges for subprime mortgages to $10.8 billion. Swiss investment bank UBS: Written off about $14bn (£7bn) – they don’t even know what the final financial impact of the US sub-prime mortgage crisis may be!! EUROPE’s biggest bank, HSBC: $11 billion to cover mounting losses Barclays: writing down £1.3bn No wonder Lehman's chairman is not surprised or stunned anymore.. |
Re: and I thought the trader I work with was risky!!
Originally Posted by IndieGirl
(Post 5836657)
Very true MM! How have you be been?
The toll so far: Bear Stearns: $1.5 billion. Commerzbank: €1.2bn Merrill Lynch & Co. $14.6 billion Citigroup : $18.1 billion write-down (could be as high as a $27 billion write-down) Morgan Stanley: reported the first quarterly loss in its 72-year history: cumulative charges for subprime mortgages to $10.8 billion. Swiss investment bank UBS: Written off about $14bn (£7bn) – they don’t even know what the final financial impact of the US sub-prime mortgage crisis may be!! EUROPE’s biggest bank, HSBC: $11 billion to cover mounting losses Barclays: writing down £1.3bn No wonder Lehman's chairman is not surprised or stunned anymore.. Wow...i can't believe this list...just extraordinary... MM, xx |
Re: and I thought the trader I work with was risky!!
The list is endless, this is just the proverbial tip of the iceberg....
The fully working week and school was a bit of a shock to my system...lol Yeah, have been busy..office (in a nice kind of way-finally enjoying work!) and home.... |
Re: and I thought the trader I work with was risky!!
Originally Posted by IndieGirl
(Post 5836692)
The fully working week and school was a bit of a shock to my system...lol
MM, xx |
Re: and I thought the trader I work with was risky!!
Originally Posted by Madam Medusa
(Post 5836591)
yeah...and he was the biggest fraudster in the business...
it is still extraordinary that following barings, bank haven't got formal checking controls in place...as i said, this isn't a couple of million that's gone missing, it's Billions, lol... MM, xx You gorra laugh :rofl: |
Re: and I thought the trader I work with was risky!!
Originally Posted by annacarna
(Post 5838201)
you know the hillarious thing is that leeson is now the CFO of Galway Football team, only the irish would put one of historys biggest financial disasters in charge of their finances
You gorra laugh :rofl: MM, xx |
Re: and I thought the trader I work with was risky!!
Originally Posted by Madam Medusa
(Post 5840894)
hahahaha...only in ireland, eh...
MM, xx |
Re: and I thought the trader I work with was risky!!
Originally Posted by Inselaffen
(Post 5840984)
or possibly also in Wales :p
MM, xx |
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