Amazing how you never ever hear of the "unauthorised trades" that make bunce, only when they lose does one get to hear about it in the news... Pathetic double standards...
A Singapore-based subsidiary of Japanese trading giant Mitsubishi recently booked a $320 million loss after several unauthorized derivatives trades went sour, the company revealed in a press release Friday morning. The bank blamed the losses on a 'rogue trader' who allegedly manipulated the subsidiary's risk-management system, allowing him to place massive derivatives bets on the price of oil and disguise them as hedges. Though the bank didn't release the trader's name, according to the press release, he was fired earlier this week. The bank has since reported his actions to the local police. The bank launched an ... (full story)