Big companies that went bust

[Contrarian]

Re: Big companies that went bust

@ehsan

Agreed. The bank management and system are equally to blame. Three banks went down or suffered huge losses due to rogue traders. The question is how can a company’s system allow one employee to gamble away billions of $ without any checks and balances.

Exactly. Some of the traders are now claiming that management didn’t care as long as they were making money. Interesting thing to note is that no one understood the product (complex derivatives) that well or at least the majority didn’t, and were quite clueless as to the risk impacts of worst case scenarios.