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Yeah they profited to the tune of -$7bln :D Seriously, I would expect a bank that size to be a little more adept at trading a position that size, they could have sold calls against the position or bought puts.

Not a very good trader, loses 10% :confused:

What did the shockgen Chairman call him, a computer genius :confused: Give me a break.

They are saying they did no more than 8% of daily volume http://www.aleablog.com/how-they-got-out/

Thats a pretty ruthless strategy, in fact its fraud. But having worked at a few Investment banks I would not put it past them. A few senior managers trying to cover their asses.

Could 140 000 futures have moved the DAX on last Monday? That sounds like a big number to me?

The more I think about it, the more this story does not make sense. 1. We have a Guy on a fixed income 2. He takes a huge position 3. No one notices 4. When they do, they close it out over a US long weekend. And all in one day? These seem to be the facts as we now know them. The...

Exactly, which is why the whole thing stinks, make a good movie though, thats probably why they suing him, don't want him to make a bundle on the movie.:D

Have to laugh, they have all these PhD's etc etc in risk management and this guy, super genius screws them for 5 billion. And wait for it. He makes nothing from it:D

In the words of a UB40 song. "I am the one in ten, a statistical reminder of a world that doesn't care" Basically I am one of the ten percent unemployed, but the Thatcher regime in the UK decided to change the way unemployment was measured, so that it was not 10% but far lower. Besides...

The problem with trading only a subset of the 500 shares in the basket is this; If you are long the futures and short a subset of the basket. Then in effect you are long the shares you did not include in your basket, question then is; why not just buy them. Unless you trade all 500...

Yeah, In August I had a straddle on, closed it just as the turmoil hit. This time I am riding it right to the finish.

Agree best thing is too stop and do nothing for a week. See whether he can just sit on his hands and watch, knowing that he is down big.

:D

Cool I was watching Korea.

Looks to me that they have been turned off

If you look he is down 25K at 652 its at 644 now? Somebody said he was still open:confused:

I am so happy to see ST is still around :D

Trade halted for 1hr If it opens 15% down closed for another hour. Have a look at Bloomberg TV they look shell shocked.

I have to love it. What I have always said they are no bright at banks, or if they are its only a few. I hope the two guys at Goldman made a fortune PA.