I think this guy would have seriously let his losses run to hell, because "the market would rebound sooner or later" in order to "make money for his bank" and his "hierarchy would not have said anything" because" it was in their interest to let him make money". Crazy.
It seems there are obviously so many serious problems about internal control and risk management existing in the financial industry according to this case. Potentially open up another significant front to terrorists!!!
The link is fine. Your computer is garbage and probably already had a ton of spyware on it from all the porn sites you browse while pretending to be a trader.
Great article. It shows just how corrupt this (and many) organizations are when dealing with someone who they perceive as being a "go getter" or "an achiever". They gave'me enough rope to hang himself and he did, taking them along with him!
According to this article he claims to have made ?over a billion EU's. He was found out. How could that money turn around and cost the company so much as a drawdown? I'm assuming they had to dump it all at once for compliance reasons and a waterfall occured? Or, are they claiming that this money was extorted by the trader, and therefore, "a loss"...sounds like they found the money and the question is misappropriation. I am not clear.