Saturday, September 17, 2011

On Rogue Traders

There Are No Rogue Traders, Only Rogue Banks | The Big Picture: "Anyone who runs a shop that has a proprietary trading desk is obligated to do everything in their power to prevent a single employee from bringing down the company. Indeed, everyone who earns their bonus by risking firm capital is a potential disaster. A rogue trader with massive losses is a sign of complete and utter failure BY THE BANK’S MANAGEMENT. It means that the supervisory functions have failed. That the ability to track what is occurring is not happening, certainly not in real time. In the case of the UBS London trader, he hid the losing trades for 3 years (so much for real time supervisory tracking).


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