Morgan Stanley: rogue trader goes missing

You probably heard about Morgan Stanley’s financial results this past week — not stellar. What most people seem to be buzzing about is that a rogue trader cost the bank $120 million. The trader has been suspended pending further investigation.

It may seem a lot but the loss is not huge on the grand scale of rogue trader losses. See the articles below. Now, those are some major losses.

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You probably heard about Morgan Stanley’s financial results this past week — not stellar. What most people seem to be buzzing about is that a rogue trader cost the bank $120 million. The trader has been suspended pending further investigation.

It may seem a lot but the loss is not huge on the grand scale of rogue trader losses. See the articles below. Now, those are some major losses.

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Matthew Piper, 36, has gone to ground after allegations he inflated trading profits in a vanity and wageboosting exercise.

He earns £150,000 a year at Morgan Stanley, working in a team known as “investment geeks” because of their abilty to make complex financial bets on the stock market.
The Evening Standard, 20 Jun 2008

Get your dress ready for trial.

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Related articles
Rogue traders of our time, BBC News, 6 Feb 2002
Scandal stings not just bank, but French pride, too, IHT, 28 Jan 2008

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