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and I thought the trader I work with was risky!!

and I thought the trader I work with was risky!!

Old Jan 24th 2008, 11:24 am
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Default 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
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Old Jan 24th 2008, 12:22 pm
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Default 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
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Old Jan 24th 2008, 1:42 pm
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Default Re: and I thought the trader I work with was risky!!

Originally Posted by Inselaffen View Post
guess commodity traders can't get into this much trouble!

http://uk.news.yahoo.com/rtrs/200801...a8bf950_3.html
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.
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Old Jan 24th 2008, 2:00 pm
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Default Re: and I thought the trader I work with was risky!!

Originally Posted by MacScot View Post
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.
Yeah, but the Leeson case wasn't fraud as such, just incometence and stupidity.
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Old Jan 24th 2008, 2:02 pm
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Default Re: and I thought the trader I work with was risky!!

Originally Posted by Madam Medusa View Post
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
I liked the quote from the chairman of Lehman Brothers - "nothing stuns me, nothing really surprises me these days."
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Old Jan 25th 2008, 3:37 am
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Default Re: and I thought the trader I work with was risky!!

Originally Posted by Sam FTQ View Post
Yeah, but the Leeson case wasn't fraud as such, just incometence and stupidity.
Incompetence and stupidity on Baring's part - not Leeson......
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Old Jan 25th 2008, 3:47 am
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Default Re: and I thought the trader I work with was risky!!

Originally Posted by IndieGirl View Post
Incompetence and stupidity on Baring's part - not Leeson......
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
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Old Jan 25th 2008, 4:18 am
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Default 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..

Last edited by IndieG; Jan 25th 2008 at 4:27 am.
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Old Jan 25th 2008, 4:21 am
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Default Re: and I thought the trader I work with was risky!!

Originally Posted by IndieGirl View Post
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..
i'm good thanks IG...haven't seen you for a while!

Wow...i can't believe this list...just extraordinary...

MM, xx
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Old Jan 25th 2008, 4:38 am
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Default 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....
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Old Jan 25th 2008, 5:02 am
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Default Re: and I thought the trader I work with was risky!!

Originally Posted by IndieGirl View Post
The fully working week and school was a bit of a shock to my system...lol
oh i was loving the full school week...i'm just wishing they would open at the weekend too, lol...

MM, xx
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Old Jan 25th 2008, 2:20 pm
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Default Re: and I thought the trader I work with was risky!!

Originally Posted by Madam Medusa View Post
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 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

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Old Jan 26th 2008, 6:34 am
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Default Re: and I thought the trader I work with was risky!!

Originally Posted by annacarna View Post
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

hahahaha...only in ireland, eh...

MM, xx
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Old Jan 26th 2008, 7:29 am
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Default Re: and I thought the trader I work with was risky!!

Originally Posted by Madam Medusa View Post
hahahaha...only in ireland, eh...

MM, xx
or possibly also in Wales
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Old Jan 26th 2008, 10:10 am
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Default Re: and I thought the trader I work with was risky!!

Originally Posted by Inselaffen View Post
or possibly also in Wales
err...i don't think so...

MM, xx
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