My colleague Jorge told me in the 2000 bubbling right in the "dotcom":
– I have a friend broker and Wall Street. We were mates at school desk. He made the U.S. economic and found a good post broker,it's like there call the agents of change and bag. It is gaining both saying that if he keeps the streak before he retires 40 years old.
I did not do any attention, did not believe. Are things said, fantasmadas, jokes, I. Years later I remembered it and I realized that those fantasmadas's friend Jorge were actually in many brokers going out of business millionaires before, or after, of getting into trouble.
Namely, I reacted the same way when I saw exhorted the trader (*) Gordon Geko all joven e inexperto broker Bud Fox in Wall Street (1987): "I speak of 50, of 100 million. The millionaire on anything ". I left the cinema with my wife commenting that character was heavily exaggerated, they were things American film. Several years later I found that sometimes reality, certainly, overcomes fiction.
Some financial products, eg hedge funds, just had operating controls and restrictions. Basically depended on the skills of its managers hiring and therefore had a very differential feature financial products standard: the remuneration of the managers were based on high commissions and bonus who came to meet the 25% obtain the benefits. Because trading volumes were very high and usually frequent operations, We can imagine the astronomical figures who came to meet certain brokers one day, one week, one month. And it is easy to imagine what these magicians could ramble floors if they faltered consciousness similar proportion to his increasing greed.
There are cases of lawsuits against brokers for malpractice, or accountable for bad practices of his aides. This is the case of the Spanish Javier Martin-Artajo, who in 2012 was charged in London in disguise JPMORGAN the value of their transactions in complex financial products to hide their heads in the central New York losses estimated at 4.600 millones de euros , which meant that in August 2013 the U.S. government formally requested his extradition to stand trial in the U.S.. Martin-Artajo, Director of investments in bonds and European equities charged in the 2010 12,75 million annually, and the 2011 and 2012 above 10 millones de dólares. The sea,milliona Bud.
This time we are not facing an economist. Spanish is a graduate in Electrical Engineering from ICAI, he made after a masters in business management (MBA) Columbia University in New York. With this springboard, was responsible for trading in emerging markets LEHMAN BROTHERS EUROPA then turn to DRESDNER BANK, before landing on the Investment Unit Chief JP MORGAN in May 2007, according to Reuters.
"Most traders are gamblers and, if they are when they start, end to be so ', says Javier Díaz-Giménez, economista de IESE Business School, who agreed 2009 with Martin-Artajo at a roundtable organized by Business Week.
Not all financial technical know how to keep the red lines marked risk and advance reasonable limits and recognize a loss (stop loss in slang). The desire to recover, and casino gamblers, leads them to step up to the catastrophe risks.
Besides the typical profile of "broker-executive-aggressive" fueled by the assumption of major short-term risks, by nature and professional profile, very conducive to risk keeping pace like in their personal and ethical decisions in general.
Who or whom, with the actors materials, are also responsible for these cases of corruption?
How loaded guns after distributing our partners we could wonder that some were fired by mistake?
__________________________________________________
(*) Difference between trader and broker.-Although both terms are often used interchangeably might point out that an trader, in Spanish securities dealer, who decides purchases and sales of financial assets with profit making. He is responsible for investments in your company or clients several unique. A broker, in Spanish broker-dealer, is the one who executes the orders of trader
Do not forget to subscribe to receive the next article, click here
And if you liked, click "Like" and "share" on Facebook and Twitter.
Rafa, I ask because I do not know: these estupendísimos brokers have no control? nobody
is resp. of what they do or supervise their decisions? I sense that if and then how many would be about the
responsible, not? Well then this is pure curiosity slowly.
This very current example of the story Spanish trader, who is wanted by the U.S. government, was the direct boss who ran the “trick” in assessments and so deceived JP MORGAN, until the hole was so big , above 4.000 million, it was discovered.
Adi this is a good example of the Managers usually need to give your business results while always being responsible.
And regulatory agencies and control, sean public or private, can not look away. It is the responsibility of the TOPs high.