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May 31, 2024
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
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+Bonus: Get 27 financial modeling templates in swipe file
serve couple years, writes a book once he gets out, and lives really really rich ever after.
He already wrote a book. I wouldn't be surprised if he starts working on a movie script while in jail and gets a huge payday selling it. That's one way to make a bunch of money.
the real question is how many names he will name in order to spread the blame around. I wouldn't put it past those greedy Frogs to "tacitly approve" of this improper trading. At least we Americans have never gotten so greedy ::cough:: Madoff ::cough::
But I wouldn't be surprised is his superiors knew about it. If their department made more money, they would have gotten bigger bonuses as well.
This guy definitely screwed up, it reminds me of a story I heard in college, another school had a student run fund that invested endowment money. They figured they'd take HUGE amounts of risk with options and leverage and either get famous and get job offers from that or lose all the money they were given.
They lost everything in less than two semesters. I forget the name of the school but does anyone remember this?
I'm not so sure he's going to jail. One of the main things working in his favor is that he didn't personally profit from any of it, and he can show he's been working for $3,000 a month for a computer company ever since he got busted. It's true, he wrote a book, but that's not a big money maker.
There's no doubt he's guilty of the things he's accused of doing. He admits that he rigged the computer system to bypass leverage limits, etc... but he claims he did so under his boss's direction -- and a lot of people believe him.
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