Trader banned for $10m bet after ‘boozy’ lunch
A City trader has been banned from the City for taking out a massive $10 million bet and concealing it from his superiors after a three and a half hour alcoholic lunch.
David Redmond, who worked in the commodities trading department of Morgan Stanley in London, returned from lunch on February 6, 2008 and while under the influence of alcohol made a barrage of bets on the future cost of freight.
He then compounded the offence by concealing his positions – which …
A City trader has been banned from the City for taking out a massive $10 million bet and concealing it from his superiors after a three and a half hour alcoholic lunch.
David Redmond, who worked in the commodities trading department of Morgan Stanley in London, returned from lunch on February 6, 2008 and while under the influence of alcohol made a barrage of bets on the future cost of freight.
He then compounded the offence by concealing his positions – which could have cost the bank $10 million – and the following day traded his way out of his positions to book a small profit.
The Financial Services Authority (FSA), the City watchdog, today banned him for “a lack of honesty and integrity” falling short of the standards it expects from approved persons.
August 5, 2009
Wow. And our economic well-being depends on these people. He appears to have had a “lack of honesty and integrity”. Yes, I think that covers it. Not. “Capitalism is the extraordinary belief that the nastiest of men, for the nastiest of reasons, will somehow work for the benefit of us all” John Kenneth Galbraith.