Nab forex trading desk scandal - How I used LinkedIn to bust the alleged NAB, ABS inside traders | michiganguardianship.info
I think the important point here is that the systems were in place to detect csandal that had gone wrong, or all the trades that were nab forex trading desk scandal reported, but in this instance the trades were unauthorised and not properly recorded and that's why they weren't picked up in the first instance by the systems. How can you be confident that this is the full extent of it?
But some in the market aren't reassured by National Australia Bank's statements. Traders quoted in the Financial Review today say the nab forex trading desk scandal has a reputation for freewheeling currency trading in the style of the s, and that internal checks and balances dewk have picked up the huge black hole.
But it isn't hard to hide unauthorised currency trading if you have a mind to. After 47 traders were arrested in the US last November for illegal currency trading, Charlie Blau, a US defence lawyer and former Federal prosecutor, told AM that the law is trading nab desk scandal forex powerless against those who abuse the system. Fore you have is instantaneous transactions worldwide. Money's a volume indicator trading system object, it moves here, it moves there with the speed of an electron and as a consequence governments generally, any government generally has a hard time nab forex trading desk scandal it.
The derivatives market works something like this.
But derivatives become even more complex. Punters can bet on the future; on the state of markets in three months, six months, 12 months, 10 years or more. forex kitaplar
And they can bet against themselves. And they can offer odds.
It is a game that builds enormous profits — or devastating losses nab forex trading desk scandal by weaving myriad likely failures. It is played with billions of dollars, preferably dollars that belong to someone else. In his book Traders, Guns and Moneyformer derivatives trader Satyajit Das calls the trading floor a world of "beautiful lies", all of which seek to distract the non-trading acandal from the ragged threads tying the banking system together.
They lie to the people who run the place — correction, think they run the place. The people who run the place lie to shareholders and regulators … Clients.
They lie mainly to themselves. The high-risk, high-reward environment attracts confident souls — ambitious minds disposed to puzzle solving.
It also breeds aggression and competition. With such attributes may come recklessness and a sense of entitlement. Content in the knowledge that the back office would not fofex internal trades, the NAB rogues closed the financial year with false trades that nab forex trading desk scandal profit.
Later, they would erase the trades and square the books. It worked a treat, until it snowballed.
The bank lost even more money closing the scamdal positions and cleaning up the mess. Tuesday's sentencing will mark the end of a Sophoclean tragedy at NAB nab forex trading desk scandal one whose players, if they are lucky, may now vanish into incarceration and skulk into anonymity.
You know, it's not like, you know, [you] can hide limits forex journal stuff like that from the rest of the bank.
NAB clams up as trader meets the press But it was Bullen's comments to the Fin Review that would've really annoyed Cicutto and the board. Maybe it's good it's been caught.
Amazingly, the NAB still has a mortgage over the property. Has he been donating all his money to worthy causes? Did Luke Duffy have a real gambling problem?
As I recall in his Sydney days, Luke had tradng a nice little terrace in Newtown that he must have done well on when nab forex trading desk scandal moved to Melbourne, assuming he sold it.
But then the penny dropped - Luke was a big punter on the pokies. Cut to 6pm - the day's dealing is done, the book is passed to London.
Tradding walls are dotted with pokies and I vividly nab forex trading desk scandal our hero holding centre fforex whilst pouring coin after coin into one or other of these machines, with forex trading as a business small band of acolytes hanging off his every move, cheering his every victory over the laws of probability, as the night wore on into morning.
Fast forward to the dealing room the next morning and we were usually regaled with tales of the machine dropping several hundred dollars at him.
Extraordinary luck the man must have had. The same sort of luck nab forex trading desk scandal carried for years in his FX trading, perhaps? David Bullen is talking about jail and if it is true that the four currency dealers specifically entered trades that did not occur to cover up the losses then they could be in serious trouble.
Making a loss is one thing, but making fake accounting entries to cover it up is something else altogether. Here is how one former scsndal trader explains the situation: The Commonwealth Bank had a lesser aversion to their risky portfolio and took them on. Nab forex trading desk scandal great things about the amount of business they were writing NAB poached them down to Melbourne.
The NAB forex options business had been pretty small until then and they had pretty basic systems which almost collapsed under the weight of new business written by the new team. NAB wanted to save some money so they decided to create the new system in house.
Who was the designer of the new system you might ask? None other than head trader Luke Duffy.
If there was a way to hide a loss, the guy would have to know. And there will be no dodging the bullet if NAB goes after his assets as the property is registered jointly with his wife.
Ironically, Duffy bought it from Foex Reyne. The Sunday Herald Sun had these comments from the devoted "Buddhist": Someone else in the world has it, so the planet has not lost anything.
The fellowship of man has lost nothing in absolute terms. I am nothing; I don't actually exist.
Description:Jul 4, - Two former foreign exchange dealers at National Australia Bank were on Tuesday jailed for their part in Australia's biggest rogue trading scandal, drawing a line under one Markets · Europe · Americas · Middle East and North Africa . risks in order to achieve the projections and targets set for your michiganguardianship.infog: south | Must include: south.