CFTC: Goldman Trader Hid $8.3 BILLION Trading Position

Quote from OnClose:
----www.businessinsider.com....
----goldman-employee....
----trading-position....
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If a GS employee loses more than 100-million dollars of the firm's money, was a "crime" really committed? :confused: :D :p :cool:
 
Quote from nazzdack:

If a GS employee loses more than 100-million dollars of the firm's money, was a "crime" really committed? :confused: :D :p :cool:
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The article says he hid his position i.e. from his employer, CFTC....
 
Quote from dealmaker:
----The article says he hid his position....
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Yes, that is the precise "language" of the article but what are the odds that the position had atleast a 100-million-dollar unrealized loss when it was discovered? I'll say ~100%. :cool:
 
Quote from ktm:

8.3B in E-Minis? That's a lot of mini's.
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At 1420, (roughly the price in mid Nov and Dec 07) it is 11,600 ES contracts and $580,000 per point.
 
I'm sure the loss is a writeoff, since they could easily 'frontrun' the unwinding of bad positions, whether it be in SPY, or options, or programmed trades in the components.

You wouldn't nakedly unwind a position.
 
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