and I thought the trader I work with was risky!!
Jan 24th 2008, 11:24 am
#1
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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
http://uk.news.yahoo.com/rtrs/200801...a8bf950_3.html
Jan 24th 2008, 12:22 pm
#2
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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
MM, xx
Jan 24th 2008, 1:42 pm
#3
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Re: 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
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.
Jan 24th 2008, 2:00 pm
#4
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Re: and I thought the trader I work with was risky!!
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.
I would have thought international banks would have more checks on futures trading by now. They never learn.
Jan 24th 2008, 2:02 pm
#5
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Re: and I thought the trader I work with was risky!!
Jan 25th 2008, 3:47 am
#7
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Re: and I thought the trader I work with was risky!!
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
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
Jan 25th 2008, 4:18 am
#8
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Joined: Apr 2005
Location: Melbourne
Posts: 4,553
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..
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.
Jan 25th 2008, 4:21 am
#9
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Joined: Sep 2006
Posts: 18,187
Re: and I thought the trader I work with was risky!!
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..
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
Jan 25th 2008, 4:38 am
#10
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Joined: Apr 2005
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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....
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....
Jan 25th 2008, 2:20 pm
#12
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Re: and I thought the trader I work with was risky!!
You gorra laugh
Jan 26th 2008, 6:34 am
#13
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Re: and I thought the trader I work with was risky!!
Jan 26th 2008, 7:29 am
#14
Lost in BE Cyberspace
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