Because the media has turned into a bunch of gossipy queens, weeks and weeks of supposed hedge fund rumors, and not one bit of solid news.
What is Citi using to control their order entry software Excel? They need some basic AI application to validate price ticks as well as orders against business rules as well as hard limits that can't be violated. How you could even get a fill on a number like 950,000, I don't know.
cramer supposedly taught tobias everything he knows, he then left to start his own firm. in his book he calls him seth the asshole tobias.
You need to know what was unauthorized about the trade. Did he xceed a trading limit? A loss limit? Knowing which broker took an 'unauthorized' trade would be good too. Or simply you're not allowed to lose money so he got fired and the trade was written off to investors as 'unauthorized' to avoid smacking down their return report to shareholders? The B'berg article doesnt tell you anything.
It sounds like Tobias is looking for a scapegoat for his poor performance. His $250 mil fund is down 'high teens' percent this year. Assuming 18%, that's $45 million and the Goog loss is not much more than a quarter of that. Methinks he doth protest too much.
I think this kind of news is what we can expect to hear more in the mid-term future. The hedge fund bubble is not going to burst with a loud bang but rather shrink fund after fund.
' what i dont understand is this. this guy used to get prime time on cnbc. 250 mil is a chump change, i guess cnbc couldnt lure a big time manager to speak. maybe they thought he was going to be a star short selling with Doug Kass or something.