NYSE: "Rogue" Citigroup hides $300 million in gold contracts

Fountainhead

leading to $20 million loss for Citigroup: Gold rogue Gail:


<< <i>Gail Edmonds had as much as $373 million of open positions, nearly 75 times her trading limit, before the bank discovered her misconduct in early 2003 and fired her, the regulator said on Wednesday. >>



"Manipulation"? Or bad luck and stupidity? Can you believe the story, that she was the only gold and silver coin trader at Citigroup? Read it all!

Coinosaurus

Wasn't there a similar story a few years back, except involving losses in the hundreds of millions? Can't remember the company name.......

Fountainhead

These events happened in the 2000-2003 time frame, but it's only now that Citigroup was punished: $500,000 for improper supervision of the trader. That's not even one peanut in the Citigroup universe. And all that's happened to the trader is a four-year suspension of trading activity. Since she was fired in 2003, that might mean she could be back at her desk next year.