Discussion in 'Wall St. News' started by TraDaToR, Jul 1, 2010.
So basically he traded like a moron, because he thought it was a customer order, serves them right!
Reminds me of MF Global unwinding that unauthorized short position in wheat back in 2008 also. They caused it to go limit up trying to unwind the position. DOH! Could you make it any worse than it already was? Guess so.
I don't think you can really blame the trader tasked with exiting the position. He's just following orders from his managers. I doubt they gave him much leeway with the positions. Their panic pretty much caused the bottom and enhanced their losses even further.
I remember that vividly, and worked for MF at the time in another office...It almost seemed like they just did that at the market.
I thought it was Dooley himself who accidentally bought market causing the huge spike( I had just canceled a 2 lots sell order 5 seconds earlier, I would have been down 20 K, I remind it like it was yesterday. ), and not MF Global staff. What is the true version JPope?
Do you expect MF Global to tell you "the truth" ?
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