Traders Have Been Tempted Before
STEVE INSKEEP, host:
And our last word in business is bank fraud. In honor of the big French bank fraud case, we look at some other famous rogue trades.
In 2002, a trader at Ireland's largest bank stole $750 million from his firm to pad his salary, though that's almost too small to count compared to some other cases. An executive in Japan's Daiwa Bank racked up $1.1 billion from unauthorized trades in 1995. And then there's the trader at the hedge fund Amaranth, whose shady deals in natural gas contracts in 2006 cost the firm $6.4 billion. The fund folded.
NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.