“…Commit a crime, and the earth is made of glass.” -Ralph Waldo Emerson
With banks announcing ever-bigger losses each day, it seems we’re hearing more and more about, “Rogue Traders.” These are traders who, outside of their employer’s knowledge (supposedly), take on an obscene amount of risk. They are usually found out only when their luck turns bad and, consequently, the bank loses a lot of money.
Societe General claims the most famous “Rogue” of this down cycle. Today we hear of a new “Rogue.”
What I find ironic is that when times were good, these same traders were simply called, “earnings.”
LIV