Circle T trader looses 12 mil on google

"It was a rogue trader" is sometimes euphemism for "we screwed up big time and need to pin the blame on something else other than our incompetence"

.... but I don't know the real story here
 
Quote from max401:

I'm having trouble believing this "news" story. How about a real link on the red, i.e. "rouge," trader?
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LOL, and on Bloomberg too! Maybe this "rouge" trader was fond of make-up! :p
 
Quote from Lefty62151:

Couple of things on this subject.

First, I am responsible for and monitor the trading records of those who work in my office. If we found an "error" of this magnitude in my office, I would be fired along with the trader who caused the problem.

In my opinion, there is NO EXCUSE for not monitoring the daily P&L of YOUR OWN OFFICE STAFF!

Since Mr. Tobias is one of the highly paid fat cat fund managers, instead of firing him, I would suggest he repay the investors from his own account.

Ridiculous.

This one goes up on our office billboard.

Lefty
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Agreed.
 
You know, this wouldn't be bad way to handle a legitimate loss. Let's say they did bet heavily against Goog and lost a bundle. Why fess up that your were stupidly shorting a stock like Goog? Make it look like some sausage fingered bozo got crazy and lost the firms money. I too find it hard to believe these guys could overlook a $12,000,000 trade, let alone a loss that big.
 
yeah student you might hit the nail on the head

I also suspect that management were doing badly and just want to pin their losses on a "rogue" trader.

then its not their fault and its a better explanation to your customers than incompetence.

and why not chuck out that guy that was no good at the same time and pin the losses on him?!?
 
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