A lone futures trader. An employee of the bank. Executing futures transactions that he was able to bypass the security detection of the bank. Executes these transactions and does not even profit from them?
This is a chilling story that raises questions of the entire futures industry and whether we need to completely revamp the supervision of the futures exchanges----If we allow the futures traders to take over the world, then if eggs are $1.75 now, they could go to $10 a dozen and then they would go side by side with milk at $10 a half gallon. It would probably be ok because we would all blame the ethanol producers for the spike. HUH.
The French 7 Billion dollar loss is getting small attention this morning, but I think it deserves a larger billing for what it suggests about the internal controls of our Futures Exchanges, which have become the Wild West.
Click on the post for the full story.
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