You probably heard about Morgan Stanley’s financial results this past week — not stellar. What most people seem to be buzzing about is that a rogue trader cost the bank $120 million. The trader has been suspended pending further investigation.
It may seem a lot but the loss is not huge on the grand scale of rogue trader losses. See the articles below. Now, those are some major losses.
Matthew Piper, 36, has gone to ground after allegations he inflated trading profits in a vanity and wageboosting exercise.
He earns £150,000 a year at Morgan Stanley, working in a team known as “investment geeks” because of their abilty to make complex financial bets on the stock market.
–The Evening Standard, 20 Jun 2008
Rogue traders of our time, BBC News, 6 Feb 2002
Scandal stings not just bank, but French pride, too, IHT, 28 Jan 2008