Citigroup Sues Hedge Fund Manager in Singapore Over Gold Losses | Forex Factory

  • Citigroup Sues Hedge Fund Manager in Singapore Over Gold Losses

    From bloomberg.com

    Citigroup Inc. (C)’s Singapore unit sued Hong Kong-based hedge fund manager Raghavendran Rajaraman, seeking to recoup $1.03 million in trading losses the bank says he incurred after gold fell from a record high in September. Rajaraman had $19.2 million worth of gold in his account on Sept. 23 which the bank sold, along with other collateral, on Sept. 26 “in the face of a rapidly deteriorating market,” leaving a $1 million shortfall, according to a Nov. 18 lawsuit filed with the Singapore High Court. The first closed hearing is scheduled for Jan. 27. Gold plunged 11 percent in September, the most since October ... (full story)

Comment Options
Binyamin
Jan 4, 2012 10:53pm
Permalink
Talent doesn't mean flawless. Just because someone from a good uni made a mistake doesn't concludes that all that graduated from a good uni are full of flaws all the time and talentless.

Quoting robert7
companies think that people from good business school are very talented, now you see, he made a huge loss. the guy is mba from IIM-A, a reputed no.1 business school in India.
Reply
EricKamezou
Jan 5, 2012 1:31am
Permalink
I don't really understand the story, why is Citigrp suing the indian over his losses?

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you.

Reply
robert7
Jan 4, 2012 9:49pm
Permalink
companies think that people from good business school are very talented, now you see, he made a huge loss. the guy is mba from IIM-A, a reputed no.1 business school in India.
Reply
  • Story Stats