I think I've been approaching the job market all wrong. "Despite sporting one of the worst CVs imaginable, Mr Leeson said he was offered a risk management role at Dutch energy company a few years ago, and was even offered a position as trader."
Can someone explains me why they put him in jail while they didn't put the LTCM guys in jail also all the more so that they were supposed to be genious hahaha !
nick leeson commited fraud. the ltcm group merely took too much risk after becoming over confident. what don't you understand ? surfer:eek:
It was more than just overconfidence : they were tremendously OVERLEVERAGED and that is normally a fraud. JP Morgan has been condemned By law for that also by the way and of course they just got a little reprimand. And it is not finished since the buble has not burst yet - as I said It can wait perhaps still 10 more years - but when it will do I bet that people won't just put that on "overconfidence" when the cataclysm will be global because if there is one thing that is for sure market always returns to fundamental although it can take some time. P.S.: I didn't say that Leeson shoudn't be punished but that there seem to be huge inequality of treatments. Perhaps because in LTCM they were clients such as CEOs from the Big Five... and why this PRIVATE fund hasn't been liquidated and instead has benefited from public money from all over the world - thank you for the supplement taxes haha - should also be explained.
Also who benefited from the huge gain ? 8 billion of dollars of loss for the Barings means somehow the same gain on some side - since it was derivatives market. In his book he pretends that he was contacted by a strange guy and that he had also the impression that all his orders were spied. Of course he tried to defend himself as he can but anyway for such huge sum it is strange that there was no enquiry about where the money went.