Calyon Trader Fired for Losses Says He's No Rogue (Bloomberg)

CFA General
#1

http://www.bloomberg.com/apps/news?pid=20601087&sid=a9T1UaFhjVYw&refer=home 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.’’

#2

At least he went to a prestigious middle school.

#3

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

#4

That’s the game.

#5

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

#6

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

#7

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

#8

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…

#9

.

#10

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.

#11

wow… strong words

#12

Rethinking your handle choice, goldenboy? :wink:

#13

my name came in college not in world of credit

#14

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