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Rumours Of Another Rogue Trader - Merril Lynch

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From FT's MarketsLive Daily Discussion - 11am - 12pm

NH = Neil Hume

HT = Helen Thomas

HT plenty going on this morning

NH there is

NH but its results, results, results, results

NH not much RAW market info

NH although a couple of bits have just come through

NH rumours of a rogue trade being discovered at Merrill Lynch

NH on the FX desk apparently

HT really?

NH yep, that's the rumour

More losses being covered using the rogue trader excuse?

M21er

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Or the retreating tide is exposing the skinny-dippers?

Gosh they're like buses aren't they?

You don't get one for 13 years and then "2" come along at once. :rolleyes:

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Gosh they're like buses aren't they?

You don't get one for 13 years and then "2" come along at once. :rolleyes:

A bit like bank runs?

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Gosh they're like buses aren't they?

You don't get one for 13 years and then "2" come along at once. :rolleyes:

Well sad loners, that don't take holidays and only have two friends on Facebook don't grow on tree's you know. You need the right kind of scapegoat. :lol:

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More from FT ...

NH yes, but first more on the Merrill rumour

HT

NH big loss on a long $ position

Ha Ha.

If the fed wants to bail ML out, they wil have to raise IRs. :lol:

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Well sad loners, that don't take holidays and only have two friends on Facebook don't grow on tree's you know. You need the right kind of scapegoat. :lol:

I think you will find that the US has more than its fair share though. :(

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You never hear of a 'rogue trader' who has made a shed load of money.

Ain't that the truth, Jérôme Kerviel only became a rogue when his stunning profits went south at the end of the year.

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Ain't that the truth, Jérôme Kerviel only became a rogue when his stunning profits went south at the end of the year.

exactly! You might enjoy this, by Christopher Fildes (Spectator)

"My friend Herbie from the Last National Bank of Boot Hill understood about rogue traders. When another hapless bank owned up to losses ‘due to unauthorised trading’, he added: ‘They mean nobody authorised the guy to get it wrong.

Now that a French trader called Jerome Kerviel has set a new record by losing £3.6 billion, Société Générale, whose money it was, is left to wonder how it happened and to search for some deep, dark conspiracy. It looks more like a familiar story with extra noughts on the end. A swashbuckling trader buckles when he should have swashed, and then tries to double up and cover up. The money all goes to the people on the other end of his deals."

Full article at:

http://www.spectator.co.uk/the-magazine/bu...ng-bezzle.thtml

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Sadly this one does not seem to be shinning through.

Looks like just a that, otherwise surely the bank would have come on and said something?

Or maybe the fact they haven't said something is the key, it is true! :lol:

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So the rapid decline of the dollar is not the Fed's fault. It's all due to a rogue FX trader at ML! The dollar has been pushed down because ML has been forced over the last few months to secretly unwind his positions.

Now if they only find the rogue trader that was responsible for the mortgage back securities prices going south, sentiment can pick up again and we'll be clear of this mess.

However, like the rogue trader who brought about the dot-com bust, he might be so clever that he'll never be caught...

Edited by newbie

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  • 295 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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