Calyon Trader Fired for Losses Says He's No Rogue (Bloomberg) From the write-up: "Bierbaum joined New York-based Bear Stearns Cos. in October 2003, where he processed trades and eventually became a junior trader for one of the firm’s hedge funds that collapsed in June because of bad bets on securities linked to subprime mortgages, his resume shows. Russell Sherman, a spokesman for the firm, didn’t return a call seeking comment. Bierbaum joined Calyon in March as a trader making bets with the firm’s capital. He became a chartered financial analyst in May, according to Kathy Valentine, spokeswoman for the CFA Institute. I would like to get back into credit trading,'' said Bierbaum, who has remained in New York since being fired, reading the newspapers and sending out his resume. I worry about it,’’ he said of the allegations that he was a rogue trader. ``It’s my word against theirs.’’

At least he went to a prestigious middle school.

I mean come on… he is on the right side and greastest person in the world… wrong side… bad apple the whole way…

That’s the game.

I hear ya… Everyone says Hunter was a bad seed the whole way yet somehow he made over 400MM before his bad natural gas trade…who was on other side? John Arnold… greatest trader in 06… give me a break

I find it hard to believe that he executed trades, which were not scrutinized by his superiors.

abacus Wrote: ------------------------------------------------------- > I find it hard to believe that he executed trades, > which were not scrutinized by his superiors. agree, but still he executed these trades

The risk manager knows the truth for sure and for certain. There is no way that the risk manager would let a position like that go without making sure that higher-ups in the firm were okaying it. Since they fired all the guy’s superiors too, it’s pretty clear what happened…


This d-bag called himself the “golden child of credit trading in New York.” I hope his next job is one that would induce a more appropriate level of humility. Say, janitorial work.

wow… strong words

Rethinking your handle choice, goldenboy? :wink:

my name came in college not in world of credit

didn’t the article say his initial bets were the right way, then the bank suspended him and the next thing he knew they were saying he incurred the losses