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Rochdale AAPLosion Update: It's All The "Rogue Trader's" Fault

Tyler Durden's picture


Bloomberg has an update on the most amusing story of the day, namely that Rochdale appears to have blown daytrading Apple. And guess what: taking a cue from SocGen, UBS, and JPM, it's all a "rogue trader's" fault. Of course, if the trade had gone the "other way", Rochdale would not be needing a bailout, and the rogue trader would be looking forward to a generous holiday bonus.

  • Rochdale bought more Apple shares than the brokerage’s management intended around the time of the technology company’s Oct. 25 earnings report, two people familiar told Bloomberg’s Hugh Son, Saijel Kishan and Zeke Faux.
  • Rochdale officials told employees a rogue trader amassed the position, one of the people said.

In other words, if you were an underperforming hedge fund who had no choice but to bet the farm on AAPL into earnings (and remember that 230 of your nearest friends had already done so, so there was no greater fool left), congratulations: you are now a rogue trader.

We wonder how many more such "rogue traders" who dabbled in AAPL, and blew up after levering to the hilt in hopes to make their year on AAPL soaring into year end, will emerge before the next week is over...

And just because it feels so good, here it is again, from October 25:

230 Hedge Funds Suddenly Cried Out In Terror And Were Suddenly Silenced

A week after the second most populous hedge fund hotel, Google, blew up, it is now time for good ole' Hotel Caaplefornia itself. The HF holders table below is presented without comment (as we have said all there is to say many times). Remember: orderly, cool, calm, collected single file procession through the tight exit: and nobody panic! 



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Fri, 11/02/2012 - 13:21 | 2941745 SloMoe
SloMoe's picture

In Russia, you bite apple. In America, apple bites you.

Fri, 11/02/2012 - 13:25 | 2941769 Mark Carney
Mark Carney's picture

Loving the obvious silver manipulation today

Fri, 11/02/2012 - 13:29 | 2941783 Captain Benny
Captain Benny's picture

What manipulation?  This is just a really rough day in the silver markets becase the miners just found a massive hoard of silver under the oil in the Gulf of Mexico and expect it to become mineable as soon as BP pops the cork on their big oil find.  The Macondo mine should be producing hoards of silver within days.


Fri, 11/02/2012 - 13:45 | 2941872 redpill
redpill's picture

Modern diversification [da??v??s?f??ke???n] - noun - financial term: 'the owning of Apple AND Google in the same account'

Fri, 11/02/2012 - 13:59 | 2941934 youngman
youngman's picture

The PM´s will be back in vogue next week as the EU continues to fall apart....and Japan devalues...I am buying more today...this is an eye off the ball trade...

Fri, 11/02/2012 - 19:07 | 2943179 Richard Chesler
Richard Chesler's picture

Bernanke is my hedge. - a roach bankster.

btw, Fuck you Bernanke.

Sat, 11/03/2012 - 11:46 | 2944208 Non Passaran
Non Passaran's picture

I agree.
I bought 1oz yesterday, will buy more next week.

Fri, 11/02/2012 - 14:02 | 2941944 constantine
constantine's picture

Actually, that's true.  The second that I read the great jobs report, I rushed to my local bullion dealer and sold all of my silver.  I had to wait a few hours in line because there was such a rush of everybody frantically trying to sell their silver so that they could take their cash.  We all agreed that our next stop would be to buy as many shares of Linked In, NetFlix, and Zynga.  Buy low, sell high.  So happy the economy has turned around.

Fri, 11/02/2012 - 13:34 | 2941815 The Gooch
The Gooch's picture

BTFD if you have all the other bases covered. (At the coin shop, of course.)
If not, cover them NOW.
Fuck you Bloomberg!
I have some family on Staten that would LOVE to meet you and discuss the "marathon".

Fri, 11/02/2012 - 13:46 | 2941877 MsCreant
MsCreant's picture

Arrow up in support of your family. So sorry about that. 

Fri, 11/02/2012 - 14:19 | 2942038 The Gooch
The Gooch's picture

Thank you. (!)




Fri, 11/02/2012 - 14:49 | 2942180 ParkAveFlasher
ParkAveFlasher's picture

Generators in the tent, handing out water on the path.  Unreal.  Remember Long Beach, remember The Shore.

Fri, 11/02/2012 - 13:52 | 2941905 walküre
walküre's picture

NY needs that marathon now like a fucking hole in the head.

The city should have been allowed to recover. Shut down all non-essential business for the week and give people a minute to figure things out. Get the banks to cover all payments for the time being and ask FEMA collectively as banks.

Hey, it's not like the other money they received was earned the hard way. So why stop now? The Fed can just release all those "emergency" funds, can't they? What? The printers are out of ink? Sandy spoiled the paper party?

Fri, 11/02/2012 - 13:53 | 2941912 redpill
redpill's picture

Are you trying to say it's NOT a smart idea for Bloomberg to let his citizens starve so he can let a bunch of Africans fly in and run around the streets?  That would be right up there with making a Presidential endorsement based on climate change, or banning 16oz sodas.

Fri, 11/02/2012 - 14:08 | 2941971 The Gooch
The Gooch's picture

I hope his private jet crashes in a "global warming" incident. P.O.S. 

I'll hoist a 40 oz. to that.

Fri, 11/02/2012 - 14:10 | 2941976 ptoemmes
ptoemmes's picture

It is my sincere hope that the people of New York City will come out in mass to the marathon....

...and take all the freaking refreshments at all the stations, confiscate the generators, and maybe just make a human wall acorss the race route bringing it to an immediate halt.

Occupy The Marathon (OTM) so to speak.  Watch out for Bologna and his pepper spray.

Fri, 11/02/2012 - 13:51 | 2941870 Jay Gould Esq.
Jay Gould Esq.'s picture

It must be noted that not only do hedge funds lodge in the Hotel Applefornia: the "retail managers' " ( i.e., the quite living and breathing, human S&P 500 index clonemongers ) signatures are also to be found in the front desk register.

One glaring example: Fidelity Contrafund, managed by Will Danoff. Per the most recent holdings roster, dated 28 September, Apple comprised fully 9.6% of the fund's $58 billion in assets. Fidelity Applefund is not the only Fidelity equity and/or balanced offering to count Apple among its top one or two positions...indeed, "retail" has more exposure to this roach trap than their 401(k)s may have been seduced to believe.

Fri, 11/02/2012 - 14:03 | 2941950 scatterbrains
scatterbrains's picture

Where my I-crack niggas at ?

Fri, 11/02/2012 - 13:32 | 2941799 Eireann go Brach
Eireann go Brach's picture

This has to be the biggest mistake in America since Obama was elected president!

Fri, 11/02/2012 - 13:39 | 2941840 Sam Clemons
Sam Clemons's picture

In a few years, it will be so clear to everyone that "of course AAPL was a bubble" and that "basing 20% of an index on it wasn't a good idea."

Fri, 11/02/2012 - 13:55 | 2941918 seek
seek's picture

In a few months, it will be so clear to everyone that "of course AAPL was a bubble" and that "basing 20% of an index on it wasn't a good idea."

Hmm, still doesn't read right.

In a few days, it will be so clear to everyone that "of course AAPL was a bubble" and that "basing 20% of an index on it wasn't a good idea."

That's closer...


Fri, 11/02/2012 - 14:07 | 2941969 NotApplicable
NotApplicable's picture

How 'bout this?

The day after the election, it will be so clear to everyone that "of course AAPL was a bubble" and that "basing 20% of an index on it wasn't a good idea."

Fri, 11/02/2012 - 13:42 | 2941856 LongSoupLine
LongSoupLine's picture

Maybe the "rouge trader" read the muppet "buy, buy, buy" letter to clients by accident.

Fri, 11/02/2012 - 14:23 | 2942050 Larry Dallas
Larry Dallas's picture

I love this shit. "Rogue Trader". Sort of like in commercial real estate the deals that are distressed were managed by a "bad operator".

How does this Rogue Trader keep getting a job if he keeps screwing up all the time?

Fri, 11/02/2012 - 14:40 | 2942129 DCFusor
DCFusor's picture

Good info on Apple's bogus litigation at this site - it goes way back, but here's today's:

This is what's really going to kill them, so it bears watching the actual results in court, and understanding about things like who is likely to succeed on appeal, rather than looking at MSM spin on the topic.  If you're not too lazy to do your due dilligence.

Disclosure - short AAPL.

Fri, 11/02/2012 - 13:23 | 2941759 kato
kato's picture

We need Steve Wynn to run the markets. He will collect from the losers and then let them die.

Fri, 11/02/2012 - 13:26 | 2941761 Dr. Engali
Dr. Engali's picture

Damn those pesky rogue traders still wreaking havoc four years later. One would think there would be systems in place to take care of that would think.

Fri, 11/02/2012 - 13:29 | 2941785 redpill
redpill's picture

A constable is a rogue in a world of thieves.

Fri, 11/02/2012 - 13:31 | 2941796 MsCreant
MsCreant's picture

Now there you go, thinking. That's the problem. You may quietly go back to the reality you subscribed to before the programming interuption. These glitches are simply detestable. Really. We are so sorry. Take this blue pill and enjoy a nice steak. Ignore those little cables trying to jack themselves back into your nervous system, it won't hurt after a bit. Ignore anything that tells you the story does not add up.


Fri, 11/02/2012 - 13:33 | 2941811 knukles
knukles's picture

Hi Ms C,
How goes it these days?

Fri, 11/02/2012 - 13:41 | 2941852 MsCreant
MsCreant's picture

I am doing pretty well actually. Busy. As much as I hang out here, I am actually trying to stop worrying and just get real and get on with it. I will be around off and on during the day, I will check the little chat thingie to see if you are there too.

Fri, 11/02/2012 - 13:43 | 2941862 knukles
knukles's picture

Love ya'     chat later....

Fri, 11/02/2012 - 13:40 | 2941849 Dr. Engali
Dr. Engali's picture

Yeah I know. I try to tell myself to stop trying to apply logic and reason, but I guess that is just the neanderthal in takes a while for me to learn.

Fri, 11/02/2012 - 13:32 | 2941801 knukles
knukles's picture

There are rather sophisticated systems in place, Doc.
For every gain the trader's told it's what he's supposed to be doing, booked into the house's account and the Grand Fromage cited for hos infinite vision, wisdom and management skills...., for every loss the trader's a rogue fuckup and it's booked directly against him, regulatory agencies investigate, the trader is arrested for civil crimes and sued by the firm for the losses...  maybe even forcing his wife and small children into lives of prostitution in the deepest reaches of the Congo for the pecuniary benefit of the firm's jilted shareholders.

Sophisticated, directly traceable, real time, highly specific allocation of P&L.  Exactly where the appropriately designated intelligence resides... and it ain't the boss gonna take the hit.

Fri, 11/02/2012 - 13:51 | 2941898 TheFourthStooge-ing
TheFourthStooge-ing's picture

knukles said:

There are rather sophisticated systems in place, Doc.

True enough, especially when it comes to undocumented commands.

Sophisticated, directly traceable, real time, highly specific allocation of P&L.  Exactly where the appropriately designated intelligence resides... and it ain't the boss gonna take the hit.

The boss will never take the hit, because he is one of the few that knows the undocumented CTRL+SHIFT+F command, also known as the Fabrice. This command's sole function is to generate a "legally" plausible scapegoat.

Fri, 11/02/2012 - 13:40 | 2941845 Cursive
Cursive's picture

@Dr. Engali


Ha ha.  Per internal controls, any trading operation should have an independent risk management function a/k/a "the middle office" and this should be caught before the VaR suggests a P&L blow-out.  All trades are suppossed to be approved by front office management, too.  So, either Rochdale deserves this because their management was a willing participant or Rochdale deserves this because they were managerial idiots.

Fri, 11/02/2012 - 14:16 | 2942010 NotApplicable
NotApplicable's picture

Now, take that logic, mix in an HFT algo-bot or two, then describe again how it can all work.

When the holding time can be measured in milliseconds, human controls are not an option.

So, they either program it into the bot (while missing all the best front-running opportunities), or ignore it altogether while trying to manage the aggregates.

Now, given their connected status to the ever-important financial regulatory world (read "bailout"), would you expect a single one of them to endanger their timing advantage with risk management?

No fuckin' way. We've gone full-BizzaroWorld.

Fri, 11/02/2012 - 14:17 | 2942019 Itch
Itch's picture

Just look to UBS for clues about the "systems". The system goes like this; if you make friends with your line manager, pretend you really like him to the point of sucking his dick every now and again, he will show you a way around not booking your losses until they turn into winners. This is a flawed system. You can’t design a system for human stupidity, the potential for stupidity is too powerful and infinite. You can control the controllable’s for a certain amount of time, but stupidity always comes through like the fucking champion it is.

Sat, 11/03/2012 - 02:32 | 2943729 StychoKiller
StychoKiller's picture

Waddell & Reed let one of their employees get too close to a terminal...

Fri, 11/02/2012 - 13:24 | 2941766 slaughterer
slaughterer's picture

This could get uglier.

Fri, 11/02/2012 - 13:33 | 2941807 MsCreant
MsCreant's picture

I sure as hell fucking hope so.

Fri, 11/02/2012 - 13:38 | 2941831 disabledvet
disabledvet's picture

Might have to tune into Cramerica this evening. You know..."see how the wagers are working...

Fri, 11/02/2012 - 13:39 | 2941839 walküre
walküre's picture

In my dreams I have the banksters and roaches tied up against Wall 33 in a dark dark powerless Lower Manhattan night and slapping them with 36 trillion Dollars worth in wet wet wet useless stock certs from the DTCC vault.

Fri, 11/02/2012 - 13:44 | 2941866 The Gooch
The Gooch's picture

I had a similar dream but the certs and FRN's were soaked with feces and gasoline.

There was a random spark and... 

Fri, 11/02/2012 - 13:27 | 2941776 HelluvaEngineer
HelluvaEngineer's picture

Yeah, I shorted a lot more things this year than I meant to.  Someone send me my fucking check.

Fri, 11/02/2012 - 13:29 | 2941784 SDRII
SDRII's picture

wait that means the firm is liquidating the Long which is bullish sigh

Fri, 11/02/2012 - 13:29 | 2941786 Dr. Engali
Dr. Engali's picture

I wonder if the morgue is pushing PMs down today and demanding gold from Roch to cover margin costs.

Fri, 11/02/2012 - 14:18 | 2942026 NotApplicable
NotApplicable's picture

No question mark? That's like rhetorical squared!

Fri, 11/02/2012 - 13:30 | 2941790 The big unzip
The big unzip's picture

Quick rogues, bar the door!!  There is all kinds of bad shit about to get me now!

Fri, 11/02/2012 - 13:31 | 2941791 JustObserving
JustObserving's picture

Who is the rogue trader selling Gold and Silver today?

The CFTC will look for 4 years and find everything was just fine.

Your money and your regulators working for you.

Fri, 11/02/2012 - 13:37 | 2941829 MsCreant
MsCreant's picture

I have peace with it that margin calls and selloffs could do this. I could also see an organic move down that the cheaters could jump on (under cover of a sell off going on already, print up some more paper offerings and all...).

Fri, 11/02/2012 - 14:00 | 2941937 seek
seek's picture

I agree with your assessment.

We've seen this pattern multiple time in sharp stock sell-offs where paper gold plunges as it's sold in order to cover margins, and, as you said, the bad guys sell into the decline to build downward momentum and spook the horses towards the exit.

Fri, 11/02/2012 - 14:19 | 2942037 NotApplicable
NotApplicable's picture

Good work, if ya can get it.

Fri, 11/02/2012 - 16:28 | 2942629 toothpicker
toothpicker's picture

Rogue JPM traders, algos and technical analysts are having a field day "When the inverted pentagram formation met the 200 moving low hanging fruit fibonacci stick I KNEW PMs were going down WEEKS ago...please subscribe to my newsletter..."

I hate them.... 

Fri, 11/02/2012 - 13:31 | 2941793 alien-IQ
alien-IQ's picture

AAPL just breached the 200 day SMA for the first time since June 2011. Looks like 560 is the next level to be tested.

Fri, 11/02/2012 - 13:32 | 2941803 SillySalesmanQu...
SillySalesmanQuestion's picture

Hmmmm....I knew a rogue trader once, I think his name was Jon Corzine...

Fri, 11/02/2012 - 13:33 | 2941806 Cursive
Cursive's picture

There really is a guy with the name of Zeke Faux?

Fri, 11/02/2012 - 13:38 | 2941833 azzhatter
azzhatter's picture

It's a faux name

Fri, 11/02/2012 - 14:21 | 2942041 NotApplicable
NotApplicable's picture

I've got a Kinder named Zeke Goat. His mama is Alligoat.

Fri, 11/02/2012 - 13:34 | 2941814 Atlantis Consigliore
Atlantis Consigliore's picture

quick quick all swaps thru SEC, quick....too late.

Intercontinental Asks SEC to Clear European Sovereign Swaps via @BloombergNews


650 Trillion swaps, thur SEC mandates.   no fat fingers allowed,


CFTC cut off. (paging Phart paging Phart) Regulators wanted on isle 6.

Fri, 11/02/2012 - 13:42 | 2941855 walküre
walküre's picture

650 trillion.. that's about as many bacteria colonies I can find on my cow shit piles. At least their shit is worth something.

Fri, 11/02/2012 - 13:34 | 2941817 NoDebt
NoDebt's picture

Hopefully Dick's cell mate is really going to enjoy his well-groomed beard.


Fri, 11/02/2012 - 13:38 | 2941836 MsCreant
MsCreant's picture

Prison pussy.

Fri, 11/02/2012 - 13:34 | 2941818 tennisfan2
tennisfan2's picture

Hey So I havent seen anything on Gold today, anybody know why its down so much?

Fri, 11/02/2012 - 13:41 | 2941853 Madcow
Madcow's picture

nothing really - just the realization that the West is in a free-fall collapse that will end in a sudden stop and complete shut-down of the supply chains that bring food and energy and water to the big cities - and epiphany that Gold will be relatively (compared to a .38) useless in that environment.


Fri, 11/02/2012 - 13:47 | 2941882 knukles
knukles's picture

Becky Quick said it was because the employment report was so good and was dis-inflationary. 
She used that word!

Concerted "official" selling, managing down the price.
Shit folks, got an election a comin' and nobody in any gubamint orifice gonna get fucking tattooed for not helpin' out the boss man.
Happens every administration, dem or repub... "no black or white about it"

Fri, 11/02/2012 - 14:05 | 2941960 Fredo Corleone
Fredo Corleone's picture

It is doubtful if Rebecca can even select the day's wardrobe and pair of heels, without checking with the fully-lathered Uncle Warren first. "Disinflationary"-- it has a rather distinct "Omaha" ring.

Fri, 11/02/2012 - 14:22 | 2942048 NotApplicable
NotApplicable's picture

Because it's harder to sell your losers in order to meet a margin call?

Fri, 11/02/2012 - 13:36 | 2941825 Cursive
Cursive's picture

We need a dictionary of bullshit terms:  operating earnings, one-time charges, suicide, fat finger, rouge trader....

Fri, 11/02/2012 - 13:38 | 2941834 fuu
fuu's picture

BLS reports.

Fri, 11/02/2012 - 13:39 | 2941844 disabledvet
disabledvet's picture


Fri, 11/02/2012 - 13:41 | 2941848 EvlTheCat
Fri, 11/02/2012 - 13:43 | 2941860 walküre
walküre's picture

infinity times "re" - hypothication

Fri, 11/02/2012 - 13:56 | 2941925 Bam_Man
Bam_Man's picture

You left out "pro forma".

Fri, 11/02/2012 - 13:38 | 2941832 SheepDog-One
SheepDog-One's picture

CURSE you scurvy rogue traders messin it all up for our ruling elite overlords and their fine trades and whatnots!!

Fri, 11/02/2012 - 13:42 | 2941858 Brokenarrow
Brokenarrow's picture

The zapple store now has ALL the iphone 5's u want--all the new minis--all the other shit u want all day long. The game is over. And, now the decline to $400 begins.

In a month or so? Ben will annound that they OPENLY will be buying the equity market.

There is real danger at hand for the usa.

Fri, 11/02/2012 - 13:43 | 2941861 kito
kito's picture

apple is clearly revolutionary these days.....lets see........theyve made their smallest touchscreen bigger and their biggest touchscreen smaller............BRILLIANT!!! INNOVATIVE!!!!

Fri, 11/02/2012 - 13:50 | 2941894 Dr. Engali
Dr. Engali's picture

+1  lol..brilliant kito

Fri, 11/02/2012 - 13:44 | 2941868 kito
kito's picture

you know, if you combine the iphone and the sounds like ifad........................

Fri, 11/02/2012 - 13:50 | 2941889 lolmao500
lolmao500's picture

Thuggery we can believe in.

Senior WH advisor Jarrett says after election it's payback time

"After we win this election, it’s our turn. Payback time. Everyone not with us is against us and they better be ready because we don’t forget. The ones who helped us will be rewarded, the ones who opposed us will get what they deserve. There is going to be hell to pay. Congress won’t be a problem for us this time. No election to worry about after this is over and we have two judges ready to go.”

Fri, 11/02/2012 - 16:05 | 2942541 Bastiat
Bastiat's picture

Bloomberg and Christie got this message a couple days ago.

Fri, 11/02/2012 - 13:54 | 2941917 buzzsaw99
buzzsaw99's picture

Proof once again that the existence of a rogue trader can only be proven after the position sours.

Fri, 11/02/2012 - 14:57 | 2942220 SheepDog-One
SheepDog-One's picture

Yep! There sure was never any 'rogue trader' accusations any day Apple went UP a few %!

Fri, 11/02/2012 - 13:59 | 2941933 soopy
soopy's picture

ah, the schadenfreude and gloating never ends.

Fri, 11/02/2012 - 14:02 | 2941942 youngman
youngman's picture

This look like they need a Capital Call...that is what we used to do when a company needed cash...the owners put more in....hahahahaha...not any the owners keep what they have..and ask other people to "BAIL" them out......its working for Greece...

Fri, 11/02/2012 - 14:02 | 2941945 muppet_master
muppet_master's picture

flopple @ $590 or so

when @ $690...after it had TOPPED $700...i said:  "MASSIVE PANIC SHORT SELL"...and judging from ZH's title (see below)..they were super bearish also on appl...i HOPE ZH made $$$$$$$...i hope they didn't just catch a few bucks bc they are afraid of stupid quants and HFT's....!!! LOL !!!! of course it didn't go straight down..i remember when it bounced from $620 to $650 = me did NUTTING but RIDE, LOL !!!!

so easy to build shorts, RIDE...enjoy life.....RIDE....enjoy life and make $$$$...if u shorted @ $690 or so...and cover have a good +15% gain in a month!!  of course $590 IS NOT the bottom.....i'm sure it will be below $150 in a few years...just like with CSCO and MSFT in their heydays in 2000.....look at them now!! ROFLMAO !!!!!

when flopple is in the mid 400s. IF u want to keep riding shorts (for LONG term capital gains)....u can seel DEEP in the money PUTS....after nice massive dead cat bounce, you can book those Profit$$$ on the PUTS....and add to shorts....rinse, repeat til below $200.




Fri, 11/02/2012 - 14:07 | 2941966 muppet_master
muppet_master's picture

does that "ROGUE trader"

get his "wonderful advice" from the freaking idiot cheerleading crank-a-holics on cnbc and bloomberg?? LOL !!!

i don't watch that crap....again i build positions and ride... = monitor casino about 10-20 minutes/day = MAX !!.....2 minutes, morning, 5 afternoon, rest later...most of it is reading ZH...NOT listening to stupid "REPORTERS"....LOL !!!!

Fri, 11/02/2012 - 14:04 | 2941954 constantine
constantine's picture

Are these  AssClowns actually going to get a bailout for this nonsense?

Fri, 11/02/2012 - 14:08 | 2941970 Downtoolong
Downtoolong's picture

Looks like someone is selling their silver to pay for it today too.

It amazes me, given the tough screening and hiring standards of these financial firms how they end up with so may Rogues on their staff. How does that happen? Did these people come into the firm that way? How did the personel department miss it?

I suspect it's more a matter of on the job training. You can only learn to be the way these Rogues are on the street...Wall Street.

Fri, 11/02/2012 - 14:14 | 2941999 muppet_master
muppet_master's picture

silver down -3%

gold down -1.9%

a few weeks ago when gold @ 1750 I quoted the "wonderful strategist" = marc faber..who said:  "gold will be steadily climbing"  i said he says buy = ME SHORT !!

sept. 2011 gold @ 1900 = he says buy = ME SHORT

tanks to 1800 he says "don't panic" = me add to shorts

april 2012 nikkei @ 10.5k he says:  "nikkei will outperform" = me short !!  nikkei then drops -20%..LOL !!!!!

just a few days ago....AGAIN, he said japanese stocks to outperform...darn right near the TOP !!! ROFLMAO !!! "some strategist" LOL !!!!

i have the  links, posted his gold prediction, from a few weeks ago on ZH...don't have time to find and re-post.

Fri, 11/02/2012 - 14:13 | 2941991 Big Ben
Big Ben's picture

"rogue trader" = "poor management". CEO is to blame for not having systems in place to prevent this.

Fri, 11/02/2012 - 14:56 | 2942210 Motorhead
Motorhead's picture

A rogue fat finger...happens all the time.

Fri, 11/02/2012 - 19:57 | 2943266 q99x2
q99x2's picture

Doesn't matter what they say when this much money is lost lawyers will be out to find the truth. The most likely with the most to lose will be targeted by them.

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