The following contains a list of trading losses which eventually forced major corporations to go bankrupt or restructure parts of their organisation[citation needed]. This list is not exhaustive. Due to the secretive nature of many hedge funds and fund managers, some notable losses may never be reported to the public. The list is ordered by the amount lost, starting with the greatest.
Name  | Amount Lost | Citizenship | Employer | Source of Loss | Year |
|---|---|---|---|---|---|
| Kerviel, JérômeJérôme Kerviel[1] | US$7.1 billion | France | Société Générale | European Index futures | 2008 |
| Hunter, BrianBrian Hunter[2] | US$6.5 billion | Canada | Amaranth Advisors | Gas futures | 2006 |
| Paretti, GiancarloGiancarlo Paretti[3] | US$5.0 billion | Italy | Crédit Lyonnais | Loans to Hollywood Studios | 1990 |
| Meriwether, JohnJohn Meriwether[4] | US$4.6 billion | United States | Long Term Capital Management | Interest Rate and Equity Derivatives | 1998 |
| Hamanaka, YasuoYasuo Hamanaka | US$2.6 billion | Japan | Sumitomo Corporation | Copper futures | 1996 |
| Flöttl, WolfgangWolfgang Flöttl, Helmut Elsner | US$2.5 billion | Austria | BAWAG | Currency- and interest swaps | 2006 |
| Citron, RobertRobert Citron | US$1.7 billion | United States | Orange County | Interest Rate Derivatives | 1994 |
| Schimmelbusch, HeinzHeinz Schimmelbusch | US$1.6 billion | Germany | Metallgesellschaft | Oil Futures | 1993 |
| Leeson, NickNick Leeson | US$1.4 billion | United Kingdom | Barings Bank | Nikkei Futures | 1995 |
| Iguchi, ToshihideToshihide Iguchi[5] | US$1.1 billion | Japan | Daiwa Bank | Bonds | 1995 |
| Lee, DavidDavid Lee | US$0.8 billion | United States | Bank of Montreal | Natural Gas Options | 2007 |
| Breuers, FriedhelmFriedhelm Breuers | US$0.8 billion | Germany | WestLB | Common and Preferred Shares | 2007 |
| Rusnak, JohnJohn Rusnak | US$0.7 billion | United States | Allied Irish Bank | Currency | 2002 |
| Young, PeterPeter Young | US$0.7 billion | United Kingdom | Morgan Grenfell | Shares | 1997 |
| Jiulin, ChenChen Jiulin | US$0.6 billion | China | China Aviation Oil | Oil Futures and Options | 2004 |
| Goldstein, RamyRamy Goldstein | US$0.5 billion | United Bank of Switzerland | Global Derivatives | 1998 | |
| Jett, JosephJoseph Jett[6] | US$0.4 billion | United States | Kidder Peabody | Government Bonds | 1994 |
| Askin, DavidDavid Askin | US$0.4 billion | United States | Askin Capital Management | Mortgage-Backed Securities | 1994 |
| Berger, MichaelMichael Berger[7] | US$0.4 billion | United States | Manhattan Investment Fund | Short IT stocks during the internet bubble | 2000 |
| Kulterer, WolfgangWolfgang Kulterer[8] | US$0.4 billion | Austria | Hypo Group Alpe Adria | Currency Trading | 2004 |
| (not disclosed) | US$0.4 billion | Dexia Bank | Corporate Bonds | 2001 | |
| Bierbaum, Richard "Chip" Richard "Chip" Bierbaum[9] | US$0.35 billion | United States | Calyon | Credit Indices | 2007 |
| Duffy, LukeLuke Duffy[10] | US$0.3 billion | Australia | National Australia Bank | Currency | 2004 |
| Qibing, LiuLiu Qibing[11] | US$0.2 billion | China | State Reserves Bureau | Copper Futures | 2005 |
| Rubin, Howard A.Howard A. Rubin[12] | US$0.25 billion | United States | Merrill Lynch | Mortgages (IOs and POs) Trading | 1987 |
| Mains, RaymondRaymond Mains[13] | US$0.2 billion | United States | Procter & Gamble | Interest Rate Derivatives | 1994 |
| Papouis, KyriacosKyriacos Papouis[14] | US$0.2 billion | United Kingdom | NatWest | Interest Rate Options | 1997 |
| Nodilo, EduardEduard Nodilo[15] | US$0.1 billion | Croatia | Riječka banka (Rijeka Bank) | Foreign Exchange Trading | 2002 |
References
- ^ Schwartz, Nelson D. (2008-01-25). A Spiral of Losses by a ‘Plain Vanilla’ Trader. The New York Times. Retrieved on 2008-01-25.
- ^ Fund Accused of Manipulating Gas Markets, New York Times, 2007-07-26. Retrieved 2008-01-24
- ^ For France, 'an American Defeat', New York Times, 2003-09-25. Retrieved 2008-01-24
- ^ UPHEAVAL AT SALOMON; Salomon Is Punished by Treasury, Which Partly Relents Hours Later, New York Times, 1991-08-19. Retrieved 2008-01-24
- ^ An Unusual Path to Big-Time Trading, New York Times, September 27, 1995. Retrieved 2008-01-24
- ^ In the Matter of Orlando Joseph Jett, U.S. Securities and Exchange Commission, March 5, 2004
- ^ The Bankruptcy Development That Has Wall St. Worried, New York Times, 2007-02-23. Retrieved 2008-01-24
- ^ Banking: Watchdogs caught napping, Financial Times, 2007-10-29. Retrieved 2008-01-24
- ^ Calyon trader fired over big losses says he is not a rogue, International Herald Tribune, 2007-10-11. Retrieved 2008-01-24
- ^ Former NAB trader pleads guilty, International Herald Tribune, 2005-03-23. Retrieved 2008-01-24
- ^ City gripped by mystery of the phantom copper dealer, The Times, 2005-11-15. Retrieved 2008-01-24
- ^ Anatomy of a Staggering Loss, New York Times, 1987-05-11, Retrieved 2008-01-24
- ^ Procter & Gamble's Tale of Derivatives Woe, International Herald Tribune, 1994-04-14. Retrieved 2008-01-24
- ^ SFO probes NatWest black hole, Daily Telegraph, 1997-06-27. Retrieved 2008-01-24
- ^ Croat trader puts bank in £70m crisis, Daily Telegraph, 2003-03-24. Retrieved 2008-01-24
