perhaps as Americans, who have come from the streets, even if they were in Greenwich, CT, there are simply things that we don't do enmass as others do, namely walk blindly into the business end of a buzz saw.... it seems that others from other countries are more desperate and treat the limitations and provisional laws (of corporations, exchanges, etc.) as optional much more so than Americans... of course we have the same idiots, some make it and never report their crimes and some don't, question is, why has it usually been foreigners (who anger everyone around them with their averace) that usually get caught...
Please let me know if their has ever been a rogue trader in the US. How about Evan Dooley of Memphis Tennessee (USA)? Shareholders of MF Global are plenty pissed at Mr. Dooley. http://www.topix.com/forum/chicago/TFFMVMM72IR3L6JNG http://www.justlanded.com/english/USA/Articles/Money/Evan-Dooley-accused-of-being-a-rogue-trader http://business.timesonline.co.uk/t...ectors/banking_and_finance/article3456221.ece
http://www.elitetrader.com/vb/showthread.php?s=&threadid=202983 I started this same thread and didn't get a single response . . .
Best story of the year. People I love in this kind of story are the backers. How can someone like him can convince so many people to give him money?
Since Zimmerman was hauled off the floor of the Board of Trade, nearly every major Wall Street firm has been slapped with enormous fines for cheating customers. NASDAQ, the so-called "exchange of the future," earned a $100 million judgment against it for practices that sound a lot like stealing. Nick Leeson buried Barings Bank with a billion dollars in hidden losses. And copper traders at Sumitomo, the giant Japanese bank and trading firm, did the same to their sponsors. To Zimmerman, it all proves he wasn't so unusual after all. _______________________________________________________ Great read. I can tell stories from my experience with a Guy at Marlyn Trading on the 14th or so Floor of the CME, or COIN from the floor of the S&P..or Dennis Richard over at Spike II, or the Russian whom Traded with Schonfeld, or the "Options" wize Kid I know and traded with (out of UofC's B school,) who was the Russian's option guy ...calling the Financial Meltdown back in 05 when I traded with him...selling everything and headed to Hong Kong ( a little early on his call but prooved right)....Or the story of our own Rearden Metal of ET, a success unlike many who only dream. All in all, my stories are more positive and end with my friends making more money than most people can imagine. Of course, they are the top 1% who actually make it in the world of trading. I had to find my wealth in Private Equity, building relationships and becoming a "rain maker"....not a trader. The most important part of the article is the paragrapha above..... "it all proves he wasn't so unusal after all"... I would say the markets are far more manipulated by Banks, Firms, Fed, etc than ever in the history of the "Free Markets".
Even though your def. of 'rogue trader in the US' is lax (is it someone who is doing 'rogue' in the US, is based in the US, or was born in the US (US citizen), or what?) Howie Hubler @ Morgan Stanley - damages: ~9bn USD (that's more than the SoGen guy) Brian Hunter @ Amaranth Advisors - almost as big as the SoGen guy John Meriwether @ LTCM Robert Citron @ Orange County David Askin, John Rusnak, Howard Rubin, James Manchin, Joseph Jett, Michael Berger, Richard Bierbaum, Raymond Mains, Boaz Weinstein, Evan Dooley, Matt Piper, the ENRON guys, etc. etc. Madoff deserves an honorable mention even though I know you will protest that he wasn't trading, LOL. But even the definition of 'trade' is lax in this case: would that include arbitraging in discounted postal reply coupons and other 'alternative' asset classes?
Normal distribution. In any business you will find many average guys, the very good guys and the very bad guys. This is the nature of the world. There will be more but they are just a few compared to the millions of professionals out there.
no, It was during early of 1990s, there was a small buck shop to help people trade with gold, but it didn't use any real positions in market. Anyway, its name didn't matter, the moral of story, dealing with any firm, its appearance can be misleading, until you know it from within, it could be disorganized beyond people's imaginations.