Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#1
I am sure people will have heard about the bloke who lost £1.3bn last week in the City. Then of course previously there was Nick Leeson who bankrupted Barings,
Well there is an even bigger rogue trader out there and so far he has not been arrested for his crimes. He was not qualified or authorised to trade in the markets, he ignored expert advice to do so. He sold at $275 an ounce, on a low pricing point, something only the very stupid do, having forced the price down from an already low point by announcing his intention! The price is now $1,920 an ounce, a massive rise since he sold off.
His losses have been estimated at between £10bn and £12bn.... This really must be the biggest trading loss ever in the markets by a single trader. What is unforgivable is the fact that he ignored the experts in doing so and his crime was far from being hidden from view.
Yet he has got away with it.
As his employers we should demand the arrest of Gordon Brown immediately for that appalling gold sale.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
#2
How many Bankers,Finance Investment Johnies were`` Rogue Traders``in the Global Financial Crisis?
Answers in a Phone Book!
Guest 645- Registered: 12 Mar 2008
- Posts: 4,463
#3
Ha ha
I posted the following on the 17th Sept on the Caption Competition thread..
''We will take BarryW's advice and blame Gordon Brown for UBS rogue trader Kweku Adoboli
actions''
Marek
I think therefore I am (not a Tory supporter)
Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,948
#4
funny isnt it
bosses of banks who got us in such a mess no mention by barryw
bosses of banks who failed given big pay offs no mention by barryw
bosses of banks over paid in such a climate as today and all in it together
no mention by barryw.
thats just for starters
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#5
errrr no, Marek - we will have to wait to see if Adoboli was indeed acting in a criminal fashion or in any way improperly. That is in the hands of the police and courts, inocent until proven guilty. Brown is responsible for his own actions.
Reg - anyone who trades or is involved in the markets is a rogue to you. If you had it your way we would still be in the economic dark ages. Commenting on matters based merely upon prejudice and ignorance (in the true sense, that is) does you no credit. Perhaps you should find out something about the subject.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,948
#6
barryw;
you do reg a dis service, i have tried to enlighten you that reg has a fair deal of knowledge on both worl affairs, the economy, finance, plus much more.
whilst you may not agree with his point of view doesn't mean your correct and he's wrong, its just a matter of differing opinions
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#7
Keith - they have been the subject of many previous threads and are not the matter under discussion here. You just like to pander to popular misconceptions as a way to provide a smokescreen for Gordon Brown's mistakes. I am sure that you are not really daft enough to believe what you say, even Brown never believed what he himself said.... I am no fan of the bankers but prefer to criticise them for what they actually do wrong instead as I deal with the consequences of their actions every day.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#8
Keith no, I am judging him from what he says only and I have read nothing that demonstrates that he has any knowledge at all of these matters.
He has had opportunities to move away from prejudice and to enter some real discussion on these issues and has never done so, despite being challenged to do so by me, so the only conclusion is that all he knows is what he reads in the Daily Mirror.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,948
#9
Nowt to do with that baz, and im sure reg will defend himself when hes next on here,
you have an opinion, and i have an opinion
just because they differ
doesnt mean you are correct, and every one else wrong
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#10
But some of us have more knowledge of complex financial matters than others, as is only natural.
We must draw a line between knowledge and speaking from an entrenched prejudice. There are people on this forum who have a good financial knowledge and differing political opinions to me and I am thankful for that because some of my most interesting discussion have been with them, Ross in particular. Reg has not demonstrated that he is in that group. I speak only from what I have read.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,948
#11
baz;
your correct the forum is enriched by the many posters contributions, and yep all have differing knowledge/expertese.
the forum is that much better for it.
as to predudice, obviously you come from at times a biased background something your happy at times to admit and we always know where your coming from, we may not agree but its good that we have this cross section of posters.
as to who's right and wrong we will never agree on that, and if we agreed on everything what aboring forum this would become
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#12
We do all indeed have our prejudices Keith but we must discern that from the facts and proper debating/discussion points. Sweeping statements such as our friend makes regarding the markets/banks and the economy do not indicate any kind of knowledge, only prejudice and it is that on which I judge.
Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
#13
as far as i am concernd brown did what he had to do,whereas these other chaps mentiond done it out of spite,greed etc.to see if or how far they can get away with it.
Guest 714- Registered: 14 Apr 2011
- Posts: 2,594
#14
Bailing out the banks is one thing, perhaps Brown's fans could explain why he was running a deficit prior to that.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,948
#15
barryw;
you may wish to judge our friend
as im sure he judges you
as i say its two differing opinions
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#16
Brian - we are yet to see what the motivation for Adoboli was but for Leesom he was driven on by fear and the need of a gambler to make up initial losses.
Brown though had no excuses his motivation was sheer stupidity and the man thought he knew best even when his advisers and the experts say differently. I suspect there was/is something very psychologically wrong with him as he had a tendency to ignore expert advice on many recorded issues, to do his own thing, all of which led to huge problems. Would anyone in their right mind announce publicly they were going to sell a commodity in the certain knowledge it would drive the price down further from what was already a record low? There is one reason someone would do that, of course, market manipulation - an illegal act in order to make huge profits. I do not personally believe that Brown was involved in that kind of illegality which is why I believe the answer is a psychological one.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
#17
Casino Bankers are gamblers...........Big time.
Guest 673- Registered: 16 Jun 2008
- Posts: 1,388
#18
Gordon Brown certainly squandered a vast amount of the nations assets, following on from John Major and the Black Wednesday debacle when the Treasury spent £27 billion of reserves propping up the pound and handed George Soros a windfall of over US$1 billion, to name but one.
I think eventually there has to be an new world order where the assets which entire nations have struggled to build are not peed against the wall by idiot bankers and politicians.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#19
Ed - Norman Lamont was the Chancellor at that time and he at least had a reason for his actions that day, he was following the rules of EMU. The whole problem in fact was only created by our membership of this original attempt to get a common European currency. That was actually a good day for the UK economy, our exit from EMU sparked our economic recovery from that recession and was a lesson that stopped us becoming tied in to the Euro. Before then all the establishment including all political parties, the trade unions, most of the press and CBI were in favour of European currency union. Opposing it were Mrs T (forced into it not long before she resigned by her chancellor John Major) and her adviser Alan Waters. George Soros deserved every penny he managed to make from that because he saved the UK a whole lot more cash in the long run.
I do not disagree that many bankers are idiots, I am not a fan of banks as I regularly deal with the consequences of their actions, but what I will not join in is the common misconceptions that are leading Labour politicians to use them as scapegoats for their own errors.
So Reg I see that you are again not entering an intelligent conversation on the subject but we live in hope but I will not be holding my breath.
Ross Miller
- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,709
#20
Barry - good to see the holiday hasnt taken the blue tint out of the glasses
To be honest many governments and their members behave as rogues at one time or another.
Yes Brown ignored advice - most politicians do - his biggest mistake was telling the market his intentions - so they (bankers, speculators and commodity traders) turned US - the UK over
The US government did the same with its Helium Privitisation Act of 1996 leading to artificially deflated prices
More directly many UK MPS ripped us off with their expenses, or "employed" family members as researchers
Delors is going on trial in France for similar activities in his role as Mayor of Paris
This just scratches the surface ...
"Dream as if you'll live forever. Live as if you'll die today." - James Dean
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While loving someone deeply gives you courage" - Laozi