Word: trader
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...wily oil trader is charged with America's biggest tax fraud...
From the time Rich went on his own, commodity-trading insiders were suspicious. For one thing, he broke an industry taboo by wantonly raiding his former employer for dozens of traders. For another, he put his headquarters in discreet Switzerland while actually operating mainly out of his New York City subsidiary. Says one trader: "In the business, we felt there was some hanky-panky under...
...tried without success recently to plea bargain with federal officials for a prison term of four to five years in exchange for a halt to the probe. The Justice Department turned down the deal. Now U.S. officials believe Rich may be preparing to abandon the U.S. forever. The globetrotting trader, who once lived in Madrid, is believed to have sought Spanish citizenship. But Spain might provide only temporary refuge. Eventually Rich may have to decide whether to face U.S. authorities or to spend his life on the run. - By Stephen Koepp. Reported by Bruce van Voorst/New York
...value of the 1,505 stocks traded on the New York exchange. Stock index options, which were first introduced in the Chicago exchange in March 1983, went on sale last Friday for the New York Stock Exchange index. If the stock index option had existed last Tuesday, a trader who paid $300 for an option worth $9,709 would have made $79 on the market increase that day, but then lost $42 when stocks fell on Wednesday...
Rich started his career with Manhattan-based Philipp Brothers, then a quiet company (now Philbro-Salomon) of metals traders. He became something of a protégé of Ludwig Jesselson, the company's head. After assignments in Bolivia and Spain, he returned to New York and built the company's lucrative oil-trading department. He made a killing during the 1973 Arab oil embargo, but the company declined to pay the seven-figure commission he demanded and he left in a huff. With partner Pincus ("Pinky") Green, a fellow Wunderkind trader from Philbro, he established...