List of trading losses: Difference between revisions
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! Name |
! Name |
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! Amount Lost |
! Amount Lost |
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! USD FX Rate at time of loss |
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! USD Equivalent at time of loss |
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! [[Citizenship]] |
! [[Citizenship]] |
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! Employer |
! Employer |
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! Year |
! Year |
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|{{sortname|Jérôme|Kerviel}}<ref>{{cite web | url=http://www.nytimes.com/2008/01/25/business/worldbusiness/25trader.html | title=A Spiral of Losses by a ‘Plain Vanilla’ Trader | first=Nelson D. | last=Schwartz | date=2008-01-25 | publisher=[[The New York Times]] | accessdate=2008-01-25 }}</ref> ||EUR 4.9 billion ||1.45||{{FRA}}||[[Société Générale]] || European Index futures||2008 |
|{{sortname|Jérôme|Kerviel}}<ref>{{cite web | url=http://www.nytimes.com/2008/01/25/business/worldbusiness/25trader.html | title=A Spiral of Losses by a ‘Plain Vanilla’ Trader | first=Nelson D. | last=Schwartz | date=2008-01-25 | publisher=[[The New York Times]] | accessdate=2008-01-25 }}</ref> ||EUR 4.9 billion ||1.45||7.1 billion ||{{FRA}}||[[Société Générale]] || European Index futures||2008 |
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|{{sortname|Brian|Hunter|Brian Hunter (trader)}}<ref>[http://www.nytimes.com/2007/07/26/business/26trader.html Fund Accused of Manipulating Gas Markets], New York Times, 2007-07-26. Retrieved 2008-01-24</ref>||US$6.5 billion ||||{{CAN}}||[[Amaranth Advisors]] || Gas futures || 2006 |
|{{sortname|Brian|Hunter|Brian Hunter (trader)}}<ref>[http://www.nytimes.com/2007/07/26/business/26trader.html Fund Accused of Manipulating Gas Markets], New York Times, 2007-07-26. Retrieved 2008-01-24</ref>||US$6.5 billion ||1||6.5 billion ||{{CAN}}||[[Amaranth Advisors]] || Gas futures || 2006 |
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|{{sortname|John|Meriwether}}<ref>[http://query.nytimes.com/gst/fullpage.html?res=9D0CE7DA103CF93AA2575BC0A967958260 UPHEAVAL AT SALOMON; Salomon Is Punished by Treasury, Which Partly Relents Hours Later], New York Times, 1991-08-19. Retrieved 2008-01-24</ref>||US$4.6 billion ||||{{USA}}||[[Long Term Capital Management]] || Interest Rate and Equity Derivatives || 1998 |
|{{sortname|John|Meriwether}}<ref>[http://query.nytimes.com/gst/fullpage.html?res=9D0CE7DA103CF93AA2575BC0A967958260 UPHEAVAL AT SALOMON; Salomon Is Punished by Treasury, Which Partly Relents Hours Later], New York Times, 1991-08-19. Retrieved 2008-01-24</ref>||US$4.6 billion ||||||{{USA}}||[[Long Term Capital Management]] || Interest Rate and Equity Derivatives || 1998 |
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|{{sortname|Yasuo|Hamanaka}}||US$2.6 billion ||||{{JPN}}||[[Sumitomo Corporation]] || Copper futures || 1996 |
|{{sortname|Yasuo|Hamanaka}}||US$2.6 billion ||||||{{JPN}}||[[Sumitomo Corporation]] || Copper futures || 1996 |
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|{{sortname|Wolfgang|Flöttl}}, [[Helmut Elsner]]||US$2.5 billion ||||{{AUT}}||[[BAWAG]] || Currency- and interest swaps || 2006 |
|{{sortname|Wolfgang|Flöttl}}, [[Helmut Elsner]]||US$2.5 billion ||||||{{AUT}}||[[BAWAG]] || Currency- and interest swaps || 2006 |
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|{{sortname|Robert|Citron}}||US$1.7 billion ||||{{USA}}||[[Orange County, California|Orange County]] || Interest Rate Derivatives || 1994 |
|{{sortname|Robert|Citron}}||US$1.7 billion ||||||{{USA}}||[[Orange County, California|Orange County]] || Interest Rate Derivatives || 1994 |
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|{{sortname|Nick|Leeson}}||US$1.4 billion ||||{{UK}}||[[Barings Bank]] || Nikkei Futures || 1995 |
|{{sortname|Nick|Leeson}}||US$1.4 billion ||||||{{UK}}||[[Barings Bank]] || Nikkei Futures || 1995 |
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|{{sortname|Heinz|Schimmelbusch}}<ref>[http://www.iht.com/articles/2007/08/10/business/wbspot11.php Int. Harald Tribune Aug.10.2007]</ref> ||US$1.3 billion ||||{{GER}}||[[Metallgesellschaft]] || Oil Futures || 1993 |
|{{sortname|Heinz|Schimmelbusch}}<ref>[http://www.iht.com/articles/2007/08/10/business/wbspot11.php Int. Harald Tribune Aug.10.2007]</ref> ||US$1.3 billion ||||||{{GER}}||[[Metallgesellschaft]] || Oil Futures || 1993 |
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|{{sortname|Toshihide|Iguchi}}<ref>[http://query.nytimes.com/gst/fullpage.html?res=990CE7D7173DF934A1575AC0A963958260 An Unusual Path to Big-Time Trading], New York Times, September 27, 1995. Retrieved 2008-01-24</ref>||US$1.1 billion ||||{{JPN}}||[[Daiwa Bank]] || Bonds || 1995 |
|{{sortname|Toshihide|Iguchi}}<ref>[http://query.nytimes.com/gst/fullpage.html?res=990CE7D7173DF934A1575AC0A963958260 An Unusual Path to Big-Time Trading], New York Times, September 27, 1995. Retrieved 2008-01-24</ref>||US$1.1 billion ||||||{{JPN}}||[[Daiwa Bank]] || Bonds || 1995 |
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|{{sortname|David|Lee|David Lee (trader)}}||US$0.8 billion ||||{{USA}}||[[Bank of Montreal]] || Natural Gas Options || 2007 |
|{{sortname|David|Lee|David Lee (trader)}}||US$0.8 billion ||||||{{USA}}||[[Bank of Montreal]] || Natural Gas Options || 2007 |
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|{{sortname|Friedhelm|Breuers|Friedhelm Breuers (trader)}}||US$0.8 billion ||||{{GER}}||[[WestLB]] || Common and Preferred Shares || 2007 |
|{{sortname|Friedhelm|Breuers|Friedhelm Breuers (trader)}}||US$0.8 billion ||||||{{GER}}||[[WestLB]] || Common and Preferred Shares || 2007 |
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|{{sortname|John|Rusnak}}||US$0.7 billion ||||{{USA}}||[[First Maryland Bancorp|Allfirst]] || Currency || 2002 |
|{{sortname|John|Rusnak}}||US$0.7 billion ||||||{{USA}}||[[First Maryland Bancorp|Allfirst]] || Currency || 2002 |
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|{{sortname|Peter|Young|Peter Young (trader)}}||US$0.7 billion ||||{{UK}}||[[Morgan Grenfell]] || Shares || 1997 |
|{{sortname|Peter|Young|Peter Young (trader)}}||US$0.7 billion ||||||{{UK}}||[[Morgan Grenfell]] || Shares || 1997 |
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|{{sortname|Chen|Jiulin}}||US$0.6 billion ||||{{CHN}}||[[China Aviation Oil (Singapore)|China Aviation Oil (Singapore)]] || Oil Futures and Options || 2004 |
|{{sortname|Chen|Jiulin}}||US$0.6 billion ||||||{{CHN}}||[[China Aviation Oil (Singapore)|China Aviation Oil (Singapore)]] || Oil Futures and Options || 2004 |
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|{{sortname|Ramy|Goldstein}}||US$0.5 billion ||||||[[United Bank of Switzerland]] || Global Derivatives || 1998 |
|{{sortname|Ramy|Goldstein}}||US$0.5 billion ||||||||[[United Bank of Switzerland]] || Global Derivatives || 1998 |
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|{{sortname|Joseph|Jett}}<ref name=SECopinion>[http://www.sec.gov/litigation/opinions/33-8395.htm In the Matter of Orlando Joseph Jett], U.S. Securities and Exchange Commission, March 5, 2004</ref>||US$0.4 billion ||||{{USA}}||[[Kidder Peabody]] || Government Bonds || 1994 |
|{{sortname|Joseph|Jett}}<ref name=SECopinion>[http://www.sec.gov/litigation/opinions/33-8395.htm In the Matter of Orlando Joseph Jett], U.S. Securities and Exchange Commission, March 5, 2004</ref>||US$0.4 billion ||||||{{USA}}||[[Kidder Peabody]] || Government Bonds || 1994 |
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|{{sortname|David|Askin}}||US$0.4 billion ||||{{USA}}||[[Askin Capital Management]] || Mortgage-Backed Securities || 1994 |
|{{sortname|David|Askin}}||US$0.4 billion ||||||{{USA}}||[[Askin Capital Management]] || Mortgage-Backed Securities || 1994 |
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|{{sortname|Michael|Berger}}<ref>[http://www.nytimes.com/2007/02/23/business/23insider.html The Bankruptcy Development That Has Wall St. Worried], New York Times, 2007-02-23. Retrieved 2008-01-24</ref>||US$0.4 billion ||||{{USA}}||[[Manhattan Investment Fund]] || Short IT stocks during the internet bubble || 2000 |
|{{sortname|Michael|Berger}}<ref>[http://www.nytimes.com/2007/02/23/business/23insider.html The Bankruptcy Development That Has Wall St. Worried], New York Times, 2007-02-23. Retrieved 2008-01-24</ref>||US$0.4 billion ||||||{{USA}}||[[Manhattan Investment Fund]] || Short IT stocks during the internet bubble || 2000 |
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|{{sortname|Wolfgang|Kulterer}}<ref>[http://www.ft.com/cms/s/2/9b823f0e-8397-11dc-a0a6-0000779fd2ac.html Banking: Watchdogs caught napping], Financial Times, 2007-10-29. Retrieved 2008-01-24</ref>||US$0.4 billion ||||{{AUT}}||[[Hypo Group Alpe Adria]] || Currency Trading || 2004 |
|{{sortname|Wolfgang|Kulterer}}<ref>[http://www.ft.com/cms/s/2/9b823f0e-8397-11dc-a0a6-0000779fd2ac.html Banking: Watchdogs caught napping], Financial Times, 2007-10-29. Retrieved 2008-01-24</ref>||US$0.4 billion ||||||{{AUT}}||[[Hypo Group Alpe Adria]] || Currency Trading || 2004 |
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|(not disclosed)||US$0.4 billion ||||||[[Dexia Bank]] || Corporate Bonds || 2001 |
|(not disclosed)||US$0.4 billion ||||||||[[Dexia Bank]] || Corporate Bonds || 2001 |
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|{{sortname|Dany|Dattel|Dany Dattel}}<ref>[http://de.wikipedia.org/wiki/Herstatt-Bank Article on Herstatt-Bank (de)]</ref>||US$0.36 billion ||||{{GER}}||[[Herstatt Bank]] || Foreign Exchange Trading || 1974 |
|{{sortname|Dany|Dattel|Dany Dattel}}<ref>[http://de.wikipedia.org/wiki/Herstatt-Bank Article on Herstatt-Bank (de)]</ref>||US$0.36 billion ||||||{{GER}}||[[Herstatt Bank]] || Foreign Exchange Trading || 1974 |
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|{{sortname|Richard "Chip" |Bierbaum}}<ref>[http://www.iht.com/articles/2007/10/10/bloomberg/bxrogue.php Calyon trader fired over big losses says he is not a rogue], International Herald Tribune, 2007-10-11. Retrieved 2008-01-24</ref>||US$0.35 billion ||||{{USA}}||[[Calyon]] || Credit Indices || 2007 |
|{{sortname|Richard "Chip" |Bierbaum}}<ref>[http://www.iht.com/articles/2007/10/10/bloomberg/bxrogue.php Calyon trader fired over big losses says he is not a rogue], International Herald Tribune, 2007-10-11. Retrieved 2008-01-24</ref>||US$0.35 billion ||||||{{USA}}||[[Calyon]] || Credit Indices || 2007 |
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|{{sortname|Luke|Duffy}}<ref>[http://www.iht.com/articles/2005/03/22/bloomberg/sxnab.php Former NAB trader pleads guilty], International Herald Tribune, 2005-03-23. Retrieved 2008-01-24</ref>||US$0.3 billion ||||{{AUS}}||[[National Australia Bank]] || Currency || 2004 |
|{{sortname|Luke|Duffy}}<ref>[http://www.iht.com/articles/2005/03/22/bloomberg/sxnab.php Former NAB trader pleads guilty], International Herald Tribune, 2005-03-23. Retrieved 2008-01-24</ref>||US$0.3 billion ||||||{{AUS}}||[[National Australia Bank]] || Currency || 2004 |
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|{{sortname|Liu|Qibing|Liu Qibing}}<ref>[http://business.timesonline.co.uk/tol/business/markets/china/article590311.ece City gripped by mystery of the phantom copper dealer], The Times, 2005-11-15. Retrieved 2008-01-24</ref>||US$0.2 billion ||||{{CHN}}||[[State Reserves Bureau]] || Copper Futures || 2005 |
|{{sortname|Liu|Qibing|Liu Qibing}}<ref>[http://business.timesonline.co.uk/tol/business/markets/china/article590311.ece City gripped by mystery of the phantom copper dealer], The Times, 2005-11-15. Retrieved 2008-01-24</ref>||US$0.2 billion ||||||{{CHN}}||[[State Reserves Bureau]] || Copper Futures || 2005 |
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|{{sortname|Howard A.|Rubin}}<ref>[http://query.nytimes.com/gst/fullpage.html?res=9B0DE7D71F3EF932A25756C0A961948260&sec=&spon=&pagewanted=all Anatomy of a Staggering Loss], New York Times, 1987-05-11, Retrieved 2008-01-24</ref>||US$0.25 billion ||||{{USA}}||[[Merrill Lynch]] || Mortgages (IOs and POs) Trading || 1987 |
|{{sortname|Howard A.|Rubin}}<ref>[http://query.nytimes.com/gst/fullpage.html?res=9B0DE7D71F3EF932A25756C0A961948260&sec=&spon=&pagewanted=all Anatomy of a Staggering Loss], New York Times, 1987-05-11, Retrieved 2008-01-24</ref>||US$0.25 billion ||||||{{USA}}||[[Merrill Lynch]] || Mortgages (IOs and POs) Trading || 1987 |
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|{{sortname|Raymond|Mains}}<ref>[http://www.iht.com/articles/1994/04/14/procter.php Procter & Gamble's Tale of Derivatives Woe], International Herald Tribune, 1994-04-14. Retrieved 2008-01-24</ref>||US$0.2 billion ||||{{USA}}||[[Procter & Gamble]] || Interest Rate Derivatives || 1994 |
|{{sortname|Raymond|Mains}}<ref>[http://www.iht.com/articles/1994/04/14/procter.php Procter & Gamble's Tale of Derivatives Woe], International Herald Tribune, 1994-04-14. Retrieved 2008-01-24</ref>||US$0.2 billion ||||||{{USA}}||[[Procter & Gamble]] || Interest Rate Derivatives || 1994 |
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|{{sortname|Kyriacos|Papouis}}<ref>[http://www.telegraph.co.uk/htmlContent.jhtml?html=/archive/1997/06/27/csfo27.html SFO probes NatWest black hole], Daily Telegraph, 1997-06-27. Retrieved 2008-01-24</ref>||US$0.2 billion ||||{{UK}}||[[NatWest]] || Interest Rate Options || 1997 |
|{{sortname|Kyriacos|Papouis}}<ref>[http://www.telegraph.co.uk/htmlContent.jhtml?html=/archive/1997/06/27/csfo27.html SFO probes NatWest black hole], Daily Telegraph, 1997-06-27. Retrieved 2008-01-24</ref>||US$0.2 billion ||||||{{UK}}||[[NatWest]] || Interest Rate Options || 1997 |
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|(not disclosed)<ref>[http://search.ft.com/ftArticle?ct=0&id=070928009848 Carnegie's board ordered to resign], Financial Times, 2007-09-28</ref>||US$0.1 billion ||||{{SWE}}||[[Carnegie Investment Bank]] || Equity Derivatives || 2007 |
|(not disclosed)<ref>[http://search.ft.com/ftArticle?ct=0&id=070928009848 Carnegie's board ordered to resign], Financial Times, 2007-09-28</ref>||US$0.1 billion ||||||{{SWE}}||[[Carnegie Investment Bank]] || Equity Derivatives || 2007 |
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|{{sortname|Eduard|Nodilo}}<ref>[http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2002/03/24/wtrade24.xml Croat trader puts bank in £70m crisis], Daily Telegraph, 2003-03-24. Retrieved 2008-01-24</ref>||US$0.1 billion ||||{{CRO}}||[[Riječka banka]] (Rijeka Bank) || Foreign Exchange Trading || 2002 |
|{{sortname|Eduard|Nodilo}}<ref>[http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2002/03/24/wtrade24.xml Croat trader puts bank in £70m crisis], Daily Telegraph, 2003-03-24. Retrieved 2008-01-24</ref>||US$0.1 billion ||||||{{CRO}}||[[Riječka banka]] (Rijeka Bank) || Foreign Exchange Trading || 2002 |
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Revision as of 13:11, 9 February 2008
This article needs additional citations for verification. (January 2008) |
The following contains a list of trading losses of USD100 million or higher. Due to the secretive nature of many hedge funds and fund managers, some notable losses may never be reported to the public. The list is ordered by the amount lost, starting with the greatest.
![]() | This list is incomplete; you can help by adding missing items. |
Name | Amount Lost | USD FX Rate at time of loss | USD Equivalent at time of loss | Citizenship | Employer | Source of Loss | Year |
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Jérôme Kerviel[1] | EUR 4.9 billion | 1.45 | 7.1 billion | ![]() |
Société Générale | European Index futures | 2008 |
Brian Hunter[2] | US$6.5 billion | 1 | 6.5 billion | ![]() |
Amaranth Advisors | Gas futures | 2006 |
John Meriwether[3] | US$4.6 billion | ![]() |
Long Term Capital Management | Interest Rate and Equity Derivatives | 1998 | ||
Yasuo Hamanaka | US$2.6 billion | ![]() |
Sumitomo Corporation | Copper futures | 1996 | ||
Wolfgang Flöttl, Helmut Elsner | US$2.5 billion | ![]() |
BAWAG | Currency- and interest swaps | 2006 | ||
Robert Citron | US$1.7 billion | ![]() |
Orange County | Interest Rate Derivatives | 1994 | ||
Nick Leeson | US$1.4 billion | ![]() |
Barings Bank | Nikkei Futures | 1995 | ||
Heinz Schimmelbusch[4] | US$1.3 billion | ![]() |
Metallgesellschaft | Oil Futures | 1993 | ||
Toshihide Iguchi[5] | US$1.1 billion | ![]() |
Daiwa Bank | Bonds | 1995 | ||
David Lee | US$0.8 billion | ![]() |
Bank of Montreal | Natural Gas Options | 2007 | ||
Friedhelm Breuers | US$0.8 billion | ![]() |
WestLB | Common and Preferred Shares | 2007 | ||
John Rusnak | US$0.7 billion | ![]() |
Allfirst | Currency | 2002 | ||
Peter Young | US$0.7 billion | ![]() |
Morgan Grenfell | Shares | 1997 | ||
Chen Jiulin | US$0.6 billion | ![]() |
China Aviation Oil (Singapore) | Oil Futures and Options | 2004 | ||
Ramy Goldstein | US$0.5 billion | United Bank of Switzerland | Global Derivatives | 1998 | |||
Joseph Jett[6] | US$0.4 billion | ![]() |
Kidder Peabody | Government Bonds | 1994 | ||
David Askin | US$0.4 billion | ![]() |
Askin Capital Management | Mortgage-Backed Securities | 1994 | ||
Michael Berger[7] | US$0.4 billion | ![]() |
Manhattan Investment Fund | Short IT stocks during the internet bubble | 2000 | ||
Wolfgang Kulterer[8] | US$0.4 billion | ![]() |
Hypo Group Alpe Adria | Currency Trading | 2004 | ||
(not disclosed) | US$0.4 billion | Dexia Bank | Corporate Bonds | 2001 | |||
Dany Dattel[9] | US$0.36 billion | ![]() |
Herstatt Bank | Foreign Exchange Trading | 1974 | ||
Richard "Chip" Bierbaum[10] | US$0.35 billion | ![]() |
Calyon | Credit Indices | 2007 | ||
Luke Duffy[11] | US$0.3 billion | ![]() |
National Australia Bank | Currency | 2004 | ||
Liu Qibing[12] | US$0.2 billion | ![]() |
State Reserves Bureau | Copper Futures | 2005 | ||
Howard A. Rubin[13] | US$0.25 billion | ![]() |
Merrill Lynch | Mortgages (IOs and POs) Trading | 1987 | ||
Raymond Mains[14] | US$0.2 billion | ![]() |
Procter & Gamble | Interest Rate Derivatives | 1994 | ||
Kyriacos Papouis[15] | US$0.2 billion | ![]() |
NatWest | Interest Rate Options | 1997 | ||
(not disclosed)[16] | US$0.1 billion | ![]() |
Carnegie Investment Bank | Equity Derivatives | 2007 | ||
Eduard Nodilo[17] | US$0.1 billion | ![]() |
Riječka banka (Rijeka Bank) | Foreign Exchange Trading | 2002 |
References
- ^ Schwartz, Nelson D. (2008-01-25). "A Spiral of Losses by a 'Plain Vanilla' Trader". The New York Times. Retrieved 2008-01-25.
- ^ Fund Accused of Manipulating Gas Markets, New York Times, 2007-07-26. Retrieved 2008-01-24
- ^ UPHEAVAL AT SALOMON; Salomon Is Punished by Treasury, Which Partly Relents Hours Later, New York Times, 1991-08-19. Retrieved 2008-01-24
- ^ Int. Harald Tribune Aug.10.2007
- ^ An Unusual Path to Big-Time Trading, New York Times, September 27, 1995. Retrieved 2008-01-24
- ^ In the Matter of Orlando Joseph Jett, U.S. Securities and Exchange Commission, March 5, 2004
- ^ The Bankruptcy Development That Has Wall St. Worried, New York Times, 2007-02-23. Retrieved 2008-01-24
- ^ Banking: Watchdogs caught napping, Financial Times, 2007-10-29. Retrieved 2008-01-24
- ^ Article on Herstatt-Bank (de)
- ^ Calyon trader fired over big losses says he is not a rogue, International Herald Tribune, 2007-10-11. Retrieved 2008-01-24
- ^ Former NAB trader pleads guilty, International Herald Tribune, 2005-03-23. Retrieved 2008-01-24
- ^ City gripped by mystery of the phantom copper dealer, The Times, 2005-11-15. Retrieved 2008-01-24
- ^ Anatomy of a Staggering Loss, New York Times, 1987-05-11, Retrieved 2008-01-24
- ^ Procter & Gamble's Tale of Derivatives Woe, International Herald Tribune, 1994-04-14. Retrieved 2008-01-24
- ^ SFO probes NatWest black hole, Daily Telegraph, 1997-06-27. Retrieved 2008-01-24
- ^ Carnegie's board ordered to resign, Financial Times, 2007-09-28
- ^ Croat trader puts bank in £70m crisis, Daily Telegraph, 2003-03-24. Retrieved 2008-01-24