Le Hain: A Good Day To Bury Le Rogue Trader
PETER Hain resigns over a money matter on the same day that Jerome Kerviel costs a French bank £4billion.
Kerviel is “LE ROGUE TRADER, the Independent’s front-page news.
“The world of high finance, already shaken by the imprudent greed of some of its biggest corporate names, is stunned by the largest ever fraud by an individual ‘rogue’ trader.”
Might this be a good day to bury bad news?
January 25th, 2008 at 10:59 am
Chicken feed; if you’ve got really bad news you have to compete with the giants in the field.
Like Northern Rock…
January 25th, 2008 at 1:13 pm
Rogue trader? If his schemes had worked he would have been hailed as a business genius and got an obscenely large bonus. But they didn’t so now he’s the bad guy.
January 25th, 2008 at 2:03 pm
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David Says:
January 25th, 2008 at 1:13 pm
Rogue trader? If his schemes had worked he would have been hailed as a business genius and got an obscenely large bonus. But they didn’t so now he’s the bad guy.
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I don’t think you have quite grasped what this is about.
He didn’t have any schemes.
He managed to lose a cartload of money on the safest instruments around, and none of his line managers noticed.
They can’t even produce the usual excuse about the instruments being too complex for the old guys to understand.
He was breaking all the boringly obvious rules of trading, and yet the bank’s fail-safe systems didn’t spot it.
And then the bank spent three days closing out his positions before they finally coffed to the regulators…