List of trading losses: Difference between revisions
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Revision as of 13:47, 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 | USD Inflation since loss until 2008-01-31 | Real loss at 2008-01-31 | Citizenship | Employer | Source of Loss | Year |
---|---|---|---|---|---|---|---|---|---|
Jérôme Kerviel[1] | EUR 4.9 billion | 1.45 | USD 7.1 billion | France | Société Générale | European Index futures | 2008 | ||
Brian Hunter[2] | US$6.5 billion | 1 | USD 6.5 billion | Canada | Amaranth Advisors | Gas futures | 2006 | ||
John Meriwether[3] | US$4.6 billion | 1 | USD 4.6 billion | United States | Long Term Capital Management | Interest Rate and Equity Derivatives | 1998 | ||
Yasuo Hamanaka | JPY 285 billion | 109.5 | USD 2.6 billion | Japan | Sumitomo Corporation | Copper futures | 1996 | ||
Wolfgang Flöttl, Helmut Elsner | EUR 1,531 billion | 1.25 | USD 1,913 billion | Austria | BAWAG | Currency- and interest swaps | 2006 | ||
Robert Citron | US$1.7 billion | United States | Orange County | Interest Rate Derivatives | 1994 | ||||
Nick Leeson | US$1.4 billion | United Kingdom | Barings Bank | Nikkei Futures | 1995 | ||||
Heinz Schimmelbusch[4] | US$1.3 billion | Germany | Metallgesellschaft | Oil Futures | 1993 | ||||
Toshihide Iguchi[5] | US$1.1 billion | Japan | Daiwa Bank | Bonds | 1995 | ||||
David Lee | US$0.8 billion | United States | Bank of Montreal | Natural Gas Options | 2007 | ||||
Friedhelm Breuers | US$0.8 billion | Germany | WestLB | Common and Preferred Shares | 2007 | ||||
John Rusnak | US$0.7 billion | United States | Allfirst | Currency | 2002 | ||||
Peter Young | US$0.7 billion | United Kingdom | Morgan Grenfell | Shares | 1997 | ||||
Chen Jiulin | US$0.6 billion | China | 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 | United States | Kidder Peabody | Government Bonds | 1994 | ||||
David Askin | US$0.4 billion | United States | Askin Capital Management | Mortgage-Backed Securities | 1994 | ||||
Michael Berger[7] | US$0.4 billion | United States | Manhattan Investment Fund | Short IT stocks during the internet bubble | 2000 | ||||
Wolfgang Kulterer[8] | US$0.4 billion | Austria | 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 | Germany | Herstatt Bank | Foreign Exchange Trading | 1974 | ||||
Richard "Chip" Bierbaum[10] | US$0.35 billion | United States | Calyon | Credit Indices | 2007 | ||||
Luke Duffy[11] | US$0.3 billion | Australia | National Australia Bank | Currency | 2004 | ||||
Liu Qibing[12] | US$0.2 billion | China | State Reserves Bureau | Copper Futures | 2005 | ||||
Howard A. Rubin[13] | US$0.25 billion | United States | Merrill Lynch | Mortgages (IOs and POs) Trading | 1987 | ||||
Raymond Mains[14] | US$0.2 billion | United States | Procter & Gamble | Interest Rate Derivatives | 1994 | ||||
Kyriacos Papouis[15] | US$0.2 billion | United Kingdom | NatWest | Interest Rate Options | 1997 | ||||
(not disclosed)[16] | US$0.1 billion | Sweden | Carnegie Investment Bank | Equity Derivatives | 2007 | ||||
Eduard Nodilo[17] | US$0.1 billion | Croatia | 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