Word: trader
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...Even before the economic crisis, the French had made something of an antihero of Jérôme Kerviel, a young, rogue trader who lost $7.2 billion of the Société Générale bank's money in early 2008. He too had his moment in the Internet spotlight - there are still about 200 Kerviel fan groups on Facebook and websites selling T-shirts with phrases like "I am Jerome's girlfriend." These may see a surge in popularity now that Kerviel's fraud trial is set to resume next year in Paris after...
...piloting the U.S. economy into a mountainside, President Obama's response was unequivocal. "It is shameful," he said. Ten months later, even as he moved to curb bailed-out execs' pay, banks are on track to pay employees a record $140 billion this year. Andrew Hall, a star trader at Citi's commodities unit Phibro, made headlines for what could be a $100 million payout. "Frustrating," said White House chief of staff Rahm Emanuel with a sigh, appearing on CBS's Face the Nation...
...truth is we also face more complex challenges than generations past. A medical system that holds the promise of unlocking new cures is attached to a health care system that has the potential to bankrupt families and businesses and our government. A global marketplace that links the trader on Wall Street to the homeowner on Main Street to the factory worker in China -- an economy in which we all share opportunity is also an economy in which we all share crisis. We face threats to our security that seek -- there are threats to our security that are based on those...
...truth is we also face more complex challenges than generations past. A medical system that holds the promise of unlocking new cures is attached to a health care system that has the potential to bankrupt families and businesses and our government. A global marketplace that links the trader on Wall Street to the homeowner on Main Street to the factory worker in China -- an economy in which we all share opportunity is also an economy in which we all share crisis. We face threats to our security that seek -- there are threats to our security that are based on those...
...fact, much of Hall's ability to produce outsized profits for Citi comes from the creative ways he had found to make money off the oil markets, doing things that would either be impossible for the average small trader or that most traders just won't think of. Earlier this year, for instance, Hall and his traders rented a tanker and filled it with 1 million barrels of oil. Oil prices were down, but most traders thought they were going up again, so futures contracts pegged to distant-month deliveries were expensive. The better deal was the real thing...