Much like the article posted yesterday about the over-reporting of the top 100 NASDAQ stocks to the shareholders, I think this story may have a gigantic impact on the market in the short term. Similar to the Baring Bank nightmare, this guy loses $750 Million (so far) from bad trading of derivatives for AIB ...anyway here is the story for those interested. (so much for our friends who want to get started in the banking end of trading derivatives)....
NEW YORK (Dow Jones)--A rogue trader at a Baltimore subsidiary of Allied Irish Banks PLC covers up at least $750 million in losses and the bank's American Depositary Receipt dives over four dollars in New York trading. Observers are obviously worried about how widespread the loss could become throughout the banking system and the forex markets.
But those observers should at least be hoping that AIB opens for trading Thursday - it's now trading around $19.69, a huge hit on the day compared with its Monday close of $23.55. The charts imply that the damage can't be reasonably assessed until the Thursday opening at earliest.
NEW YORK (Dow Jones)--A rogue trader at a Baltimore subsidiary of Allied Irish Banks PLC covers up at least $750 million in losses and the bank's American Depositary Receipt dives over four dollars in New York trading. Observers are obviously worried about how widespread the loss could become throughout the banking system and the forex markets.
But those observers should at least be hoping that AIB opens for trading Thursday - it's now trading around $19.69, a huge hit on the day compared with its Monday close of $23.55. The charts imply that the damage can't be reasonably assessed until the Thursday opening at earliest.
