[ExI] Leeson

[BillK]

On Jan 27, 2008 1:44 AM, frank McElligott wrote:
> My favorite guy was Leeson  in Asia who lost 35 billion and who brought
> Capitalism to a halt in A England bank(it went belly up) when there was a
> earth quake
> in Japan,
>
> But the guy in France who put 60 Billion on the table while earning less a
> 100 grand a year has replaced him.
>
> When you talk about Capitalism, at Davos where the Russians are saying
> they(Moscow) is  the place for safety in these troubled time of the credit
> mess.
>
> Hey, the world is collapsing around us and you still talk like capitalism is
> King, guess what the events of this year say NO no no. There must be a
> better system,,One that is a little more safe:)
>


Your numbers are rather too high.

<http://www.bloomberg.com/apps/news?pid=20601109&sid=aP1A8YkLbqIE&refer=news>
Barings Plc trader Nick Leeson provoked a worldwide manhunt with
US$1.4 billion loss.
Jerome Kerviel was blamed by Societe Generale SA yesterday for causing
a US$7.2 billion trading loss.
Tokyo-based Daiwa in 1995 was forced to shut its U.S. branches after
disclosing a US$1.1 billion loss from 11 years of unauthorized trading
by Iguchi.
A year later, Sumitomo disclosed a $2.6 billion loss on unauthorized
copper trades.
John Rusnak, a Baltimore-based trader for Allied Irish Banks, is
serving 7 1/2 years in prison for his role in amassing and hiding $691
million of losses over more than five years.


There does seem to be a worldwide recession rapidly approaching, but
it is unlikely to be the death of capitalism.  Many people people will
lose money and face hard times, but the vultures will pick over the
bones and start up all over again.

After WWII ended, great areas of London had been bombed into rubble
heaps. Some idiot went round buying up all the useless land that
nobody wanted. Turned out to be a very shrewd move.

BillKK