CFTC: Goldman Trader Hid $8.3 BILLION Trading Position

Discussion in 'Wall St. News' started by OnClose, Dec 7, 2012.

  1. OnClose

    OnClose

  2. seadog

    seadog

    Bet Taylor is not sleeping well. Hope he doesn't have any assets that Goldman want.
     
  3. ktm

    ktm

    8.3B in E-Minis? That's a lot of mini's.
     
  4. If a GS employee loses more than 100-million dollars of the firm's money, was a "crime" really committed? :confused: :D :p :cool:
     

  5. The article says he hid his position i.e. from his employer, CFTC....
     
  6. 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:
     
  7. At 1420, (roughly the price in mid Nov and Dec 07) it is 11,600 ES contracts and $580,000 per point.
     
  8. tayte

    tayte

    Be interesting if someone here could explain Goldman's training program for new traders.
     
  9. brad10

    brad10

    Wow...and I thought I had a bad day yesterday!
     
  10. 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.
     
    #10     Dec 9, 2012