Merrill Lynch trader is suspended over £120m rogue currency deals

Discussion in 'Wall St. News' started by Mup, Mar 6, 2009.

  1. Mup


    Merrill Lynch trader is suspended over £120m rogue currency deals

    A trader working for an American investment bank in London has been suspended in an inquiry into “trading irregularities” with losses that could reach several hundred million dollars.

    Alexis Stenfors, a currency investor at Merrill Lynch, was stripped of his authority to trade last month after the discovery during a review of its British operations.
  2. More proof that these banks were absolutely riddled with testosterone poisoned type A pieces of excrement.

    Nothing will change until we have public hangings.

    Laugh now, it will come.
  3. rosy2


    i completely agree. i went from a large hedge fund to a large swiss bank and the differences between the people were enormous. at the hedge fund the people were smarter than they appeared while at the bank the people were just full of sh*t.

    I bet almost all bank traders are net negative when taking a prop position and without a salesforce behind them and huge credit lines they couldn't even handle flow.
  4. What's really annoying is that you could smell these guys 10,000 miles away, and the regulators were counting sheep. Or was it sheep counting.


    Bank regulator...on the job
  5. Mup


  6. Mup


    The so called "regulators" have come up with a test for traders just to show they're really on top of things... :eek:
    This new "incident" gives more ammunition for their hair brained schemes......