Biggest Loser Wall Street Edition

BIGGEST LOSER WALL STREET ERITION The financial crisis is undeniable in the United States, and other countries around the world have faced their own as well. But who are the people who have contributed to these fiscal problems? Find out: TRADING LOSSES Trading losses oCcur every day. Sometimes a few bucks are lost, other times it adds up to billions of dollars. Here's a list of some of the greatest amounts lost.* LOSS IN REAL DOLLARS COMPANY NAME PERSON ASSOCIATED SOURCE OF LOSS YEAR $9 billion Morgan Morgan Stanley Credit Default 2007 Howie Hubler Stanley Swaps 2 $6.95 billion Société European Index Futures SOCIETE GENERALE Générale Jérôme Kerviel 2008 3 $6.69 billion Natural Gas Futures Amaranth a/Amaranth Brian Hunter 2006 Advisors 4 $5.85 John Interest Rate and LTCM Long Term Capital Management 1998 billion Meriwether Equity Derivatives 5 $3.46 billion Sumitomo Yasuo Hamanaka Copper Futures 1996 Sumitomo Corporation 6 $2.43 Isac Zagury, Rafael Sotero Options Foreign Exchange A Aracruz 2008 billion 7 $2.38 billion Leverages Bond Investments Orange County Robert Citron 1994 8 $2.28 ng Metallgesellschaft Heinz Schimmelbusch Oil Futures 1993 billion 6. $2.14 No one specified Foreign Exchange Forwards Showa Shell Sekiyu 1993 billion 10 $2.09 billion Foreign Exchange Forwards KOC Kashima Oil No one specified 1994 11 $1.82 O CITIC Pacific Foreign Exchange 2008 Trading Frances Yung billion CTIC PMFIC 12 $1.78 billion AN Barings Bank Nick Leeson Nikkei Futures 1995 BARINGS 13 $1.74 2008 Deutsche Bank Boaz Weinstein Derivatives billion Drutsche lank Wolfgang Flottl, Helmut Elsner Foreign Exchange Trading 14 $1.56 2000 BAWAG BAWAG PSK billion 15 $1.50 1995 Daiwa Bank Toshihide Iguchi Bonds billion Daiwa Bank *Some losses are never reported to the public. The list includes fraudulent and non-fraudulent losses; Bernie Maddoff's losses are not included. ROGUE TRADING Rogue trading occurs when employees make unauthorized trades for their company. It's illegal since traders are making transactions without the approval of their employer. LOSS IN REAL DOLLARS COMPANY NAME PERSON ASSOCIATED SOURCE OF LOSS SENTENCE YEAR 1 $7.2 billion European Stock Index Futures is sUspended until completion.) 5 YEARS WITH 2 YEARS SUSPENDED 2006-8 (Appeal in process, sentence SOCIETE Société Jérôme GENERALE Générale Kerviel 2 $2.6 Copper Futures Sumitomo Yasuo Hamanaka 1996 8.0 YEARS Sumitoma billion Corporation 3 $1.34 billion Barings Bank Nikkei Index Futures Nick Leeson 6.5 YEARS 1995 BARINGS 4 $1.12 billion G Allied AIB Irish Banks Foreign Exchange Options John Rusnak 7.5 YEARS 2002 5 $1.06 billion Groupe Caisse d'Epargne Boris Picano-Nacci Equity Derivatives UNKNOWN 2008 R Resona Holdings U.S. Treasury Bonds Toshihide 6 $900 1995 4.0 YEARS million Iguci RESONA 7 $550 million China Aviation Oil Jet Fuel Chen Jiulin 51 MONTHS 2005 Futures 8 $378 million National Australia Gianni Gray, David Bullen, Vince Ficarra Options Foreign Exchange 16 MONTHS, 44 MONTHS, 28 MONTHS 2003-4 Bank CREDITSCORE Sources: Washington Post | New York Times | Funding Universe | Reuters Information provided http://www.creditscore.net