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Not true. That's not the way things work. While most operational losses result in losses, some result in gains. If the underlying activity was done outside of policy, the trader would get fired. It would be too risky to keep such a person on staff.The train of thought is this...
The illegality is based on fraud that conceals the position and loss.
Nobody would bother concealing a position that resulted in a win. If a position resulted in a win and the trader wanted to increase the size of the trade, he could yell at risk to resize his limit.
He is going to tell what he did.I have a feeling that we will never find out what exactly Mr. Adboli did. Even though Mr. Adboli worked at Delta One trading desk, I remember reading a WSJ article stating that Mr. Adbloi specialized in hedging of risk, which could means OTC complex derivatives.
Traders do hide wins too. For rainy days.
Does anyone know the meaning of the word 'rogue'?
To me, the word 'rogue' = 'money losing'.
Oswald Gruebel said to all his traders "Don't lose any money", ~~> "Don't be a rogue trader"?
http://www.theregister.co.uk/2011/09/20/rogue_trader_howto/I'm writing a "How to be a Rogue Trader" piece for The Register, I believe it is the most cynical thing I've ever written.