Another Rogue Trader - USD120m loss at Morgan Stanley 2438
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business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4167414.ece
The joys of trader influenced mark-to-market.
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Mark-to-market…
… sometimes is mark-to-hope
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Indeed.
And one often sees that Traders fully understand the intricacies, and often subjectivity, of how mark-to-market works but Management sometimes do not have an equal understanding.