Money

The Biggest Losers

Largest recorded losses due to activities of a “rogue” trader ranked in order of loss size:

1. Jerome Kerviel

Size of Loss: $7.1 billion
Employer: Societe Generale
Source of Loss: European index futures
Year: 2008

2. Brian Hunter

Size of Loss: $6.5 billion
Employer: Amaranth Advisors
Source of Loss: Gas futures
Year: 2006

3. John Meriwether

Size of Loss: $4.6 billion
Employer: Long Term Capital Management
Source of Loss: Interest rate and equity derivatives
Year: 1998

4. Yasuo Hamanaka

Size of Loss: $2.6 billion
Employer: Sumitomo Corporation
Source of Loss: Copper futures
Year: 1996

5. Wolfgang Flottl, Helmut Elsner

Size of Loss: $2.5 billion
Employer: BAWAG
Source of Loss: Currency and interest swaps
Year: 2006

6. Robert Citron

Size of Loss: $1.7 billion
Employer: Orange County, CA
Source of Loss: Interest rate derivatives
Year: 1994

7. Nick Leeson

Size of Loss: $1.4 billion
Employer: Barings Bank
Source of Loss: Nikkei futures
Year: 1995

8. Heinz Schimmelbusch

Size of Loss: $1.3 billion
Employer: Metallgesellschaft
Source of Loss: Oil futures
Year: 1993

9. Toshihide Iguchi

Size of Loss: $1.1 billion
Employer: Daiwa Bank
Source of Loss: Bonds
Year: 1995

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