anyone have any further color on the 250mm euro trading loss by 6 traders on the ny prop desk?stories only say "Most of the unauthorized trading position was in diversified U.S. credit market indexes"any ideas of who the 6 brian hunter wannabees are and what positions they had on?

>> 6 traders on the ny prop desk1 guy acting alone is a rogue traderHow can 6 guys be doing it together and no one notice ???

Multiple traders, multiple positions:Calyon, the investment banking arm of Crédit Agricole, cautioned that its third-quarter results would be hit by a €250 million (£174 million) charge after rogue traders in New York built up a huge unauthorised credit position. Most of the unauthorized trading position was in diversified U.S. credit market indexes and wasn't related to subprime mortgages. It was built up at the end of August and exceeded the limit that the bank can engage in such markets, the company explainedCalyon said that on the evening of September 4, the bank’s senior management was told about the existence of an unusually large market position on the books of its proprietary trading desk in New York.

Looks like FT has an update:Calyon said the trader involved – an unnamed American man – had been sacked, adding that disciplinary action was also being taken against other members of staff.It was understood that six Calyon employees were likely to be disciplined over the affair.

QuoteOriginally posted by: ppauper>> 6 traders on the ny prop desk1 guy acting alone is a rogue traderHow can 6 guys be doing it together and no one notice ???Precisamente, senor.What a bunch of crap. It's just politics. If there were truly 6 people who were all "hiding trades and lost money," it would be a media circus. It isn't. It was plain old trading and some political ass is going to make it into a "rogue desk" concept so he doesn't look bad.

how can a 26 yr old who never had any meaningful trading experience in his life (he was a real estate broker in his first job, for crying out loud) end up trading CDS for prop ?that is BULLSHIT!the poor kid probably had no idea what the hell he was doing. i guess the other senior people conceived some long/short scheme, split it up among several books, and the kid just ended up sitting on the losing leg. then they fired him but quickly stuffed all the losing positions of all their desks into his book, how else could this thing blow up to be 300 million?outrageous. on the other hand, if you get to trade those sizes at calyon, i will send them my resume....