Rogue Trader

[Salty Gibbon]

I wonder how many T2W members/newbies would do exactly the same as Leeson if put on the floor with no experience??????

I was in a situation a couple of years back which was not unlike Leeson's.

My losses amounted to only US$ 30 million - small fry compared to Leeson's.

However I differed from Leeson in that I made no attempt to hide the losses and there was no fraudulent activity at all on my part.

A series of forensic audits failed to produce any evidence against me at all, lol.....

However, I would say that my immediate superiors were totally ignorant when it came to exotic options structures and signed off all of my deals based on their confidence in me and nothing else. Idiots - not unlike Barings senior management.

The worrying thing is that I no longer work for the company involved but they do.

 

[DC STOXX]

Sussex blow up wasn't too bad for the other traders on the Sussex floor..... I believe John Sussex himself made up the short fall in their accounts.

Much worse was the Griffin/John Park blow up a couple years earlier.....took years to sort out and the other Griffin account holders only got back a few cents per dollar from their accounts eventually.

And he now has set up an Arcade as well...