Rogue Trader, Chicago Style (Great Story)

Quote from brocklanders:

at least give some credit to the blog you got this from. I read it yesterday too... a few hours before you posted it...

note: it looks like said blog in question http://masteroftheuniverse.wordpress.com/ is deleted today. anybody know what the story is? Does nokomisjeff still read ET??
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That's not where I got it from. Michael Covel tweeted it. Kudos goes to him.
 
Quote from Maverick74:

That's not where I got it from. Michael Covel tweeted it. Kudos goes to him.
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hmmm where do you think Covel got it from? He didn't just dig up a story from the 1990's on his own out of the blue. I hope Jeff brings his blog back soon...He has had many great stories from the pits in Chicago based on his experience as an independent trader for 30 years... No offense meant towards Covel though, he has to get material from somewhere I suppose.
 
This looks like a great blog too on trading history and memorabilia as mentioned by billyjoerob as an earlier source on the Zimmerman story. Like the original invitation to the opening day of NYMEX's light sweet crude oil futures in March 1983! Even autographed by then Mayor Ed Koch who rang the opening bell... no too many of those floating around...wonder how much this would fetch on eBay? :)

http://www.tradingpitblog.com/
 
Quote from orange_trad:

the ENRON guys
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A rogue trader makes unauthorized trades and eventually loses huge. Enron's trading desk was always hugely profitable and although you could call their actions immoral during the California energy crisis, they were authorized. If you think of the management, they weren't traders...

So they don't classify....
 
Quote from Maverick74:

http://www.chicagoreader.com/chicago/busted/Content?oid=891725

"Darrell Zimmerman can't seem to distance himself from the Chicago Board of Trade. It was the institution that lured him to Chicago more than a decade ago. It was temptations within that eventually drove him away. And now it looms outside the window of his cell at the Metropolitan Correctional Center. On October 22, 1992, Zimmerman tried to corner the world's largest securities market. For 15 minutes, with only a bad check for $50,000 in his trading account, Zimmerman controlled the market in U.S. Treasury bonds by accumulating more than three billion dollars' worth of futures contracts........"
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Great read, just goes to show that people who think they know the business from inside (brokers et al.) have their heads up their asses most of time regarding market dynamics.

Better to be a new retail guy directly learning to trade then be someone who thinks they "know" markets just because they are the middlemen or in the financial industry.

Max.
 
Quote from psytrade:

It's funny how the US never has rogue traders. They are always Canadian - Zimmerman, Hunter, from the Uk - Leeson, or French - Kerviel.... Japanese - Sumitomo guy, or German - Metallgeshaffe group

Please let me know if their has ever been a rogue trader in the US.
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Merton and Scholes heh...if that's not rough - nothing else is...
 
"In 1986 a con man named Dan Dewey walked into the pit disguised in a false beard and glasses and racked up big positions in the contract. The idea was that if his trades were winners, he would attribute them to his confederate, a trader named Tom Sanders. If the trades were losers, well, no one would ever know who that man in the beard was who made the trades. Dewey, Sanders, and two others would have pocketed $308,000 if they hadn't been caught."

classic if you see a guy wearing a groucho mask, don't sell him more than a 10 lot. :p


http://www.chicagoreader.com/chicago/busted/Content?oid=891725
 
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