http://www.cnbc.com/id/49328091/
There were 5 big debacles, all of which involve trading and derivatives of banks and security firms.
1. J P Morgan, derivative trading, loss of $5.8 billion
2. MF Global, European bonds, loss ??
3. Merrill Lynch, morgage, loss ??
4. Citigroup, CDO, loss of $60 billion
5. Morgan Stanley, mortgage, loss of $9.6 billion
Citigroup loss is the biggest! These are due to failures of risk management oversight!
There were 5 big debacles, all of which involve trading and derivatives of banks and security firms.
1. J P Morgan, derivative trading, loss of $5.8 billion
2. MF Global, European bonds, loss ??
3. Merrill Lynch, morgage, loss ??
4. Citigroup, CDO, loss of $60 billion
5. Morgan Stanley, mortgage, loss of $9.6 billion
Citigroup loss is the biggest! These are due to failures of risk management oversight!
1 comment:
And you wonder why these investment banks still blindly hire ivy league grads when it is not proven they are better investors than regular grads with good experience.
Even with their risk mgmt team, they still turn a blind eye to all the over-leveraging and trading of toxic assets.
Too-big-to-fail banks? What nonsense. They CAN fail. And when they do, you better hope all your important assets are all fully paid for. Because everything you currently have might be worthless.
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