John Ho Park During 1998 Overnight limit 50 lots Actually carried overnight 10,128 lots Loss 6,300,000 pounds http://www.independent.co.uk/news/business/brutal-lesson-behind-the-griffin-failure-1045711.html http://www.fsa.gov.uk/pubs/additional/574.pdf
Watford-born NICK LEESON brought down British bank Barings in 1995 after losing £860million on Asian markets. http://www.stock-market-crash.net/barings.htm http://www.advancedtrading.com/showArticle.jhtml?articleID=206902512
"Jérôme Kerviel (born January 11, 1977)[1] is a French trader who has been charged in the January 2008 Société Générale trading loss incident, resulting in losses valued at approximately â¬4.9 billion.[2] Société Générale characterises Kerviel as a rogue trader and claims Kerviel worked these trades alone, and without its authorization. Kerviel, in turn, told investigators that such practices are widespread and that getting a profit makes the hierarchy turn a blind eye.[3] Until the discovery of fraud perpetrated by Bernard Madoff, it was reported to be the largest fraud in banking history.[4][5]" http://en.wikipedia.org/wiki/Jérôme_Kerviel http://www.reuters.com/article/topNews/idUSL2665699520080126
"On February 28, 1997, NatWest Markets (NWM), the corporate and investment banking arm of one of the UK's largest banks, National Westminster, revealed that a 50 million loss had been discovered in its interest rate options and swaptions trading books. The loss figure escalated to 90.5 million after further investigations. NWMs troubles started with a systematic mispricing of various options and swaptions by traders in its rate risk management group. As losses mounted, Kyriacos Papouis, who traded Deutschemark (DEM) interest rate options and swaptions, began to mismark options positions in the banks books in a concerted attempt to cover up the losses. " http://www.erisk.com/Learning/CaseStudies/NatWestMarkets.asp http://www.nytimes.com/1997/06/27/b...ndon-bank-prompts-six-executives-to-quit.html
" List of trading losses The following contains a list of trading losses of the equivalent of USD100 million or higher. Due to the secretive nature of many hedge funds and fund managers, some notable losses may never be reported to the public. The list is ordered by the real amount lost, starting with the greatest. This list includes both fraudulent and non-fraudulent losses." http://en.wikipedia.org/wiki/List_of_trading_losses
"Table of largest rogue trader losses" http://en.wikipedia.org/wiki/Rogue_trader "A rogue trader is an authorised employee making unauthorised trades on behalf of their employer. It is most often applicable to financial trading, and as such is a term used to describe persons - professional traders - making unapproved financial transactions."
They were in the book The Merchant Bankers. They had some history behind them for sure... I think they were complacent regarding oversight of Leeson, they were in London and he was in Singapore in his own office. They thought he could do no wrong...
when you are making that much, the risk managers are duplicating your trades, not 1 for 1, but duplicating just the same, that make s them oodles of dough, they secretly want u to win and will turn a blind eye, because it's profitable, u are their golden goose, . Don't think for a second these guys were trading overleveraged, unnoticed.