I'm just really in disbelief that Shoney lets some people get away with behavior thats totally irresponsible...... Currently there is a trader (who will remain nameless) thats on a trip to Las Vegas. He is trading from the TV quotes (CNBC) via phone to the office clerk. He is losing up to $100,000 a day!!! And he has not earned a pay check in nearly one year!! Meanwhile, he is firing guys left and right because he cannot afford to keep 3 south Fl. offices open . Everyday Shoney lets this guy lose money he fires someone else who is actually making money for his family(albeit small checks but is gross positive)during such trying times in the trading industry. It seem he is rewarding the people who made money when it was easy in favor of men who go to work everyday and grind it out to make a living. With this kind of bad karma how can things work out for this Firm... I've seen enough
Hey, I know our firm has it's flaws. Still, it is the best framework I've ever been a part of, and I really don't make a good 'brick in the wall' kinda guy. What other firm takes all 1,000 employees (plus a guest) to stay at the Ritz in Puerto Rico? What other firm will FORGIVE losses on a wide scale after a bad trading period? It's a cold world out there bro, and until Schonfeld defaults on the 2000 kickers (which may or may not happen.), I'll feel comfortable as the devil's advocate in this conversation.
Its a fact... they are letting this guy Blow big $ ,he's may not lose $100,000 every single day but the fact remains he is trading off CNBC using $5,000,000.00 in buying power at a time. He has been losing almost everyday and is down $500,000.00 GROSS MTD. The spirit of my post is to show the management poor decision making when there are bad times... Why let the brick in the wall guys go and stay with this compulsive gambler ?? Ps. this is my last post on this matter I don't wish for anyone to lose their jobs (including me)
You are saying that he has lost $500,000 US in the last month, and it is not his money, and the risk department has not cut him off?
~~~and why would anyone let this happen?~~~ ...Because the same guy was probably making heavy 7 figures in 2000.
No way is anyone going to let a trader slowly bleed that bad ... If he blew up on one position it would make sense; shit happens ...