From the Washington Post: China on Thursday acknowledged that a since-detained government trader placed a series of disastrous bets on the price of copper in London this summer, leaving the state to cover hundreds of millions of dollars in losses, according to a report in official Chinese media. As rumors of the scandal filtered out […]
From Time Asia: To the club of hapless traders who have squandered fortunes in global commodities markets”think Nick Leeson, who bankrupted 232-year-old Barings Bank in 1995, or the Sumitomo Metals trader who blew $1.8 billion in 1996″add a new member: Liu Qibing of Beijing’s State Reserve Bureau (SRB), whose wrong-way bet on copper prices may […]
From The Independent: What is it about commodities and Asia that attracts rogue traders? A decade after Nick Leeson brought down Barings and Sumitomo’s chief copper trader executed a $1bn fraud, a Chinese copper broker has gone missing. The man, named as Liu Qibing, is said to have taken out a massive bet that copper […]
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