Oh wow. Oh wow. Oh wow.
Barclays, a Hedge Fund and Two Traders' Hidden $400 Million Loss
A hedge fund’s lawsuit has unearthed some trading losses that Barclays Plc might have preferred to forget. Two metals traders at Barclays were dismissed seven years ago after racking up losses of $396 million, according to documents disclosed in a court case. The losses -- some of the biggest ever disclosed by a bank in the commodities markets -- were denied by Barclays at the time. Iain Macrae, who ran metals trading at Barclays until his firing in 2011, was let go “for irresponsible risk taking” that led to a $327 million loss. The hedge fund, Red Kite, cited materials Barclays turned over as part of a London ... (full story)