A Tipsy Morgan Stanley Trader Got Fired After Betting £6.5 mm
At the end of the day, he still managed to trade out of his position profitably. Awesome.
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hahaha this is one of the funniest trading stories I have ever read. I think there are traders that come into work drunk more often than you think at the higher levels. I have heard stories of PM's sending orders while inside a bar.
Not sure why this story gets particular attention when every day there are traders that got into a fight with their wives or something like that and it results in some form of aggressive trading.
Obviously the CDO traders at ML were stoned out of their mind for holding that worthless contracts as long as they did.
"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
drunk trada ftw
That's hilarious. Here's another article on it with more detail:
http://www.bloomberg.com/apps/news?pid=20601102&sid=ag7540ZYniVU&refer=…
to be clear he got fired because he tried to hide his positions and trade out of them instead of alerting his managers. which is more serious than being drunk one day or honestly losing a few million of the bank's money.
trying to hide losses and fix them with more risk is how the biggest trading losses spiral out of control from nick leeson, to hamanaka, citron, kerviel etc. the fact that he ended up with a small profit is not really relevant.
[quote=razumereview]At the end of the day, he still managed to trade out of his position profitably. Awesome.
http://uk.news.yahoo.com/5/20090520/tbs-tipsy-trader-gets-city-ban-afte…]
if this guy reported his rogue trade to his superior, would he be fired or receive diciplinary action?
Haha, oh man, all those fancy spread sheets and algorithms don't do as much as a little liquid confidence.
Btw, at least in IB, many people go to work drunk - most don't have access to a trading platform when they're wasted though.
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