city group / $20 millions de perte gold & silver

**marie** Skipper Inscription : 05/02/2005 Messages : 20140

city group éminent caballas membre ==> $20 millions de perte gold & silver en 2003

la SEULE tradeuse de la banque avait une short position ouverte de $373 millions de $ soit 75 fois sa limite autorisée !!! et apparemment -lol - personne n'était au courant chez city group ..

bref en janvier 2003 ses "conneries " ont obligé city group a livrer
-903900 onces de gold soit $310.7 millions
-1.3 millions d'onces de silver soit $20.3 millions

janvier 2003 et c'est seulement now que la nouvelle sort??????? r.ire

et be .. on va en apprendre de belles en 2009 alors !!! mdr

Many emails came my way yesterday (thanks much) re the Citibank trader who lost $20 million trading gold and silver and hid those losses

RENO, NV (Mineweb.com) --The NYSE’s regulatory unit disclosed Wednesday that the largest U.S. bank lost $20 million buying and selling gold and silver in 2002 and 2003 after a rogue trader hid contracts and reported bogus prices…

-END-

You have to wonder what took Citi so long to divulge this news. The following from a fellow Café member put the scandal into perspective for the Planet GATA camp:

I am sure others have likely mailed you this but here goes just in case:

http://news.yahoo.com/s/nm/20060913/bs_nm/financial_citigroup_trader_dc;_ylt=At8B2I2zs
IAGOEEeVOZT2s.573QA;_ylu=X3oDMTA5aHJvMDdwBHNlYwN5bmNhdA--

The article does not specify, but it is clear the gal was playing the short side as she had to deliver substantial amounts of gold and silver at some point. Supervision would certainly not have been that lax if she had been on the long side.

All the best,
David.

Marie
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city group / $20 millions de perte gold & silver Sign-m10

city group / $20 millions de perte gold & silver Sign-m10

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