Lone-wolves are like traders apparently. The rush is on to get the prey, except the prey here is just the profits. But, the wolf and the rogue trader both tear off chunks of that and leaving nothing but a carcass to rot. Or, at least so we are told by the banks that prosecute the rogue traders.
The Leesons and the Kerviels of this world that bring down the banks and then have to pay back billions (that will never get paid back). There are four reasons as to why rogue traders trade like they do.
There’s profit beckoning them to act and greed which fuels that chase. There’s the winner-effect that cuts off fear and heightens the effect from getting things right. Lastly, there’s the double-or-quits attitude that means the lesser of the two evils is to just keep losing money rather than chuck it all in and own up.
Here’s the list of the world’s biggest rogue traders and what they did and how they lost the billions for the banks they were working for.
Courtesy of ToTheTick.
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