"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
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?!?
Rumor is, bad controls, money w/b leaving in droves, and the last post is correct. Another rumor is Madonna has had sex.