Word: traders
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Dates: during 1990-1999
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...Street did business 12 time zones away. During the daytime, the young Englishman appeared distracted, almost dour. In the trading pit of the Singapore International Monetary Exchange, where Leeson worked from dawn to 7 p.m. among the other men who yelled at numbers careening across video screens, a fellow trader remembers that people would say hello to him and he wouldn't seem to hear them. At least he didn't respond...
...game altogether. "Barings' problem was that they wanted to be just a little bit pregnant," says an equity manager in Hong Kong. By 1993 Heath had resigned and the Tokyo operation had been through four top managers in three years. "They were a wreck," says a former Barings trader. "No one was really running the show." In time Leeson would take full advantage of that power vacuum...
Cramer is a hedge-fund manager who for years has written a no-holds-barred financial column for a succession of magazines, most recently the two-year-old SmartMoney. The purpose of the column has always been to tap Cramer's knowledge as a stock trader for the benefit of his readers. Always, he gives concrete examples culled from his own portfolio to buttress his points; always, that fact is disclosed...
...accusation that he was in effect buying in advance of the news he himself was about to create. Cramer concedes that he bought stock during that time period; a large block became available, and he felt he had no choice but to purchase it. He is, after all, a trader first, with a responsibility to his clients. He also disclosed in the column that he held the stocks and even cautioned readers against buying them if they started to shoot...
...Trader Nicholas Leeson's stock gamble cost Baring Brothers & Co. $1.46 billion, $460 million more than previously estimated, the insolvent bank said today, as the Dutch ING Group agreed to take over Baring for a token one pound, or $1.65. Leeson, now in a German prison, is fighting extradition to Singapore, where he stands accused of forging a Wall Street executive's name on a document used as collateral for a loan to Baring. Says TIME London bureau chief Barry Hillenbrand: "A lot of people doubt that Leeson was this lone cowboy who just blew this bomb up inside, with...