Word: trader
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...chairman of Baring Brothers & Co. suspects his bank was sabotaged by a get-rich-quick plot to wreck the institution. Peter Baring told the Financial Times of London that he believes Singapore-based trader Nicholas Leeson, 28, may have teamed with an accomplice to bet against Baring on the futures market and cash in when the bank went under last weekend. There was no independent confirmation of Baring's charge. Leeson's investments in Tokyo stock futures on Baring's behalf cost the bank more than $1 billion, forcing it into bankruptcy after the market fell last week. Leeson fled...
...year-old British stock trader whose high-stakes gambles caused the collapse of England's oldest merchant bank is nowhere to be found. The Business Times in Singapore reported that Baring Brothers & Co. trader Nicholas William Leeson, who was working for the bank in Singapore, fled the country today, as the bank sought a criminal investigation. Leeson allegedly gambled more than the bank was worth on Tokyo stock futures, losing more than $1 billion when the market fell last week. That forced Baring to declare bankruptcy yesterday and triggered worldwide stock slides today. Baring investors and its U.S. subsidiaries...
...wake of the Feds decision last week, bond traders at Smith Barney were consumed by a day of more microeconomic moves as the phones came alive with buy and sell orders. Within minutes of the Fed's announcement, one trader ran up to chief bond manager Carballeira and roared, "I've got $20 million 3s offered at 4." He got the O.K. sign. "Joe, I have a customer for $50 million 5s at 3." "Those are done," said Carbelleira. "Joe, I got a customer for $10 million 3s at 5." "No more," said Carballeira, and then: "Hey, is everyone...
Even so, in a city that has perfected the tactic of trading long-term gain for short-term points, Gingrich's maneuver struck many as the most cynical they had seen in years. For months he worked behind the scenes as a pure free trader, insisting to Administration officials at every turn that he supported the treaty. Indeed, during the summer he won many changes in the measure as it was being drafted. He convinced the White House that U.S. participation in the World Trade Organization, a powerful new international body formed to arbitrate trade disputes, should be subject...
...firm has conceded that it recently sold derivatives that may not have been right for its clients. Prudential Securities said last month that it would buy back some $70 million of "risky" mortgage-backed bonds it had sold to 1,000 unwitting investors. Prudential blamed the sales on a trader who, the firm said, had been fired after misleading company brokers about the full extent of the risks involved in these derivatives. "These were good investments," says Charles Perkins, a company spokesman, "but people might not have wanted the risk and that's why we bought them back. The firm...