Posted by UlarSawa > 2022-09-02 12:17 | Report Abuse

In April 1992, Barings decided to open a Future and Options office in Singapore, executing and clearing transactions on the Singapore International Monetary Exchange (SIMEX).[8] Barings had held a seat on SIMEX for some time, but did not activate it until Leeson, appointed general manager, was sent over to head both front office and back office operations. Prior to leaving, Leeson was denied a broker's licence in the UK because of committing fraud on his application.[9] He had failed to report a judgment against him entered by the National Westminster Bank. Neither Leeson nor Barings disclosed this denial when he applied for his licence in Singapore.[10]

From 1992, Leeson made unauthorised speculative trades that at first made large profits for Barings: £10 million, which accounted for 10% of Barings' annual profit.[11] He earned a bonus of £130,000 on his salary of £50,000 for that year. Leeson's luck soon went sour and he used one of Barings' error accounts (accounts used to correct mistakes made in trading) to hide his losses.[12][13] He says that this account was first used to hide an error made by one of his subordinates; she had been assigned to buy twenty futures contracts for Fuji Bank, but had sold them instead, costing Barings £20,000.[14][15][16]

However, Leeson used this error account to cover further bad trades by himself and others. For example, he used it to cover a number of mistakes made by one of his traders who frequently came to work after long nights of partying. Leeson believes that he first crossed into out-and-out criminal conduct when he forgot to reconcile a discrepancy of 500 contracts, costing Barings US$1.7 million. He concluded that the only way to hide such a massive error and keep his job was to hide it in the error account.[16] Leeson insists that he never used the account for his own gain, but in 1996 investigators had located approximately $35 million in various bank accounts tied to him.[8]

Posted by UlarSawa > 2022-09-02 12:17 | Report Abuse

Downfall and imprisonment
By the end of 1992, the error account's losses exceeded £2 million, increasing to £23 million in late 1993. This amount ballooned to £208 million by the end of 1994.[17] Leeson had followed a "doubling" strategy: every time he lost money, he would bet double the amount that was lost in order to recoup the amount. This had been successful for him in the past, including once in 1993 where he was able to cover a £6 million negative balance in the error account and after which he vowed not to use the account again. However, Leeson had to maintain his reputation as a trading genius and soon found himself hiding his losses there again. As the losses grew higher and higher, Leeson fabricated cover stories to explain why he needed more cash from London; his sterling reputation protected him from close scrutiny.[18]

The beginning of the end occurred on 16 January 1995, when Leeson placed a short straddle in the Singapore and Tokyo stock exchanges, essentially betting that the Japanese stock market would not move significantly overnight. However, the Great Hanshin earthquake hit early in the morning on 17 January, sending Asian markets, and Leeson's trading positions, into a tailspin. Leeson attempted to recoup his losses by making a series of increasingly risky new trades (using a long-long future arbitrage), this time betting that the Nikkei Stock Average would make a rapid recovery. However, the recovery failed to materialise.[17]

Leeson left a note reading, "I'm sorry" and fled Singapore on 23 February. Losses eventually reached £827 million (US$1.4 billion), twice Barings' available trading capital. After a failed bailout attempt, Barings, which had been the UK's oldest merchant bank, was declared insolvent on 26 February.[19] After fleeing to Malaysia, Thailand and finally Germany, Leeson was arrested in Frankfurt and extradited back to Singapore on 20 November 1995.[20]

Leeson pleaded guilty to two counts of "deceiving the bank's auditors and of cheating the Singapore exchange",[2] including forging documents.[21] District judge Richard Magnus, who convicted Leeson, decided to sentence Leeson to six and a half years in Changi Prison in Singapore.[22] Leeson was released in July 1999 after serving at least two-thirds of his sentence (4 years and 4 months) for good behaviour, and having been diagnosed with colon cancer, which he survived despite grim forecasts at the time. In 1996, Leeson published an autobiography, Rogue Trader, detailing his acts. A review in the financial columns of The New York Times stated, "This is a dreary book, written by a young man very taken with himself, but it ought to be read by banking managers and auditors everywhere."[8] In 1999, the book was made into a film of the same name starring Ewan McGregor and Anna Friel. The events also form the subject matter of a 1996 television documentary made by Adam Curtis, titled Inside Story Special: £830,000,000 – Nick Leeson and the Fall of the House of Barings.[23]

Posted by i3lurker > 2022-09-02 12:19 |

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Posted by i3lurker > 2022-09-02 12:21 |

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Posted by kingoftradings > 2022-09-02 12:22 | Report Abuse

study sipin john, talk kok probability, hollandking otb.. all wasting three days day n night talk theory of hedging.... all wasting time. kakakaka

Posted by Mikecyc > 2022-09-02 12:25 |

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Posted by tehka > 2022-09-02 12:28 | Report Abuse

Wei ular, you post long long here tokok about what har? How related to hengyuan ah? Correct?

Posted by sharemarket21 > 2022-09-02 12:29 | Report Abuse

Too bad and it turned out to be exactly. Stop listening to those already scammed many during the peak to pump in your investment even by this stage. Buying is the first stage and SELLING is everything. The stock hit 7 in line with the projected forecast and it's time for gradual depreciation. Buy ahead before the news and SELL prior to the actual announcements.

Posted by i3lurker > 2022-09-02 12:29 |

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Posted by Primeinvestor > 2022-09-02 12:30 | Report Abuse

As predicted, they will sell, sell before results and sell after results, so only scoop up when they stop screaming

Posted by Mikecyc > 2022-09-02 12:30 |

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Posted by Mikecyc > 2022-09-02 12:32 |

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Posted by BobAxelrod > 2022-09-02 12:33 | Report Abuse

Waaaa,....break 4.80. That's merciless......chinaman mentality. Always save themselves first.

Posted by UlarSawa > 2022-09-02 12:38 | Report Abuse

Wei At least pun ada orang cakap Ular talk sense more than you at here leh. You didnt see someone complimented Ular at here meh. Sunday ada orang compliment good word cakap Ular ada more substance than you leh. Haiyoh. Correct?

MoneyMakers

Aiyoyo Ular just shut up & go BS whatever in TG (ur usual home)

Many complain ur nonsense alrdy aiyoyo

3 minutes ago

Posted by ngjack1991 > 2022-09-02 12:39 | Report Abuse

I think you are not doing your study well enough. Normally hengyuan is higher than petronm, just last month past 2 to 3 month petronm is higher due to QR of petronm is much better than hengyuan in Q1

Posted by BobAxelrod > 2022-09-02 12:39 |

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Posted by UlarSawa > 2022-09-02 12:41 | Report Abuse

Really kah. Then why |HY now lower than PetronM leh. Must be HY more speculative than PetronM lah. Haiyoh. Correct?


ngjack1991

I think you are not doing your study well enough. Normally hengyuan is higher than petronm, just last month past 2 to 3 month is higher due to QR of petronm is much better than hengyuan in Q1

13 seconds ago

Posted by UlarSawa > 2022-09-02 12:42 | Report Abuse

Mostly pun kakijudi judi lah. |Not deep no fun mah. Haiyoh. Correct?

BobAxelrod

This kinda ctr still got use meh? The cut is so deep. Investors would not forget you......

Luckily, Elvis left the building just above 5.00 but still holding a bunch of free c24.

1 minute ago

Posted by UlarSawa > 2022-09-02 12:44 | Report Abuse

Just not 4.88-4.91 collected one mau lari dunno pun kena trap kah. Now become resistent level leh. VWap from 5.02 turun to 4.96 now. Macam pun many want to judi lagi leh. Haiyoh. Correct?

Posted by limkokthye > 2022-09-02 12:48 | Report Abuse

Lose 9696

Posted by Mikecyc > 2022-09-02 12:49 |

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Posted by ngjack1991 > 2022-09-02 12:50 | Report Abuse

Ular you better do back your study. Normally is hengyuan higher than petronm, you can check via bursa chart........ It's the way before, now you are coming here? How is your tg? I remember you have been promoting there quite some time. Lol what make you come here now, you are not here since early of the time. I think last week only start to saw you here

Posted by Phoebe > 2022-09-02 12:51 | Report Abuse

@Bob, chinaman merciless? Which 1? HY management or the grandmaster that ask continue to hold? Question is, is he still holding?

Posted by BobAxelrod > 2022-09-02 12:58 | Report Abuse

Sorry, I not sure which Grandmaster. So many claimed to be....hehehe
It's a Possibility some are still holding....but probably already chicken and started dumping too...always a possibility.
As for Sslee, he hold or held 16K HY mother. But his C24 is all Free after disposing partially to collect back capital.

Posted by MoneyMakers > 2022-09-02 12:59 | Report Abuse

Aiyoyo another 1 complain Ular nonsense

This fella really thick face - never sense/feel when people hate him kikiki

Posted by MoneyMakers > 2022-09-02 13:00 | Report Abuse

Walao what a morning bloodbath

Still need drop alot more..HY usually 50sen BELOW petron

Posted by $$ BUYSELL $$ > 2022-09-02 13:01 | Report Abuse

damm wet pant again

Posted by Eldon > 2022-09-02 13:01 | Report Abuse

Haiz…will really back to RM 4.00…very good QR also cannot hold the price…

Posted by BobAxelrod > 2022-09-02 13:03 |

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Posted by i3lurker > 2022-09-02 13:07 |

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Posted by cK1973 > 2022-09-02 13:09 | Report Abuse

Habis … dia musnah kepwrcayaan investors kecil…
Anchovies semua mati….
I relak aje….
Sekarang tunggu kat 3. …
Itu la range play dia ….
Kikiki….

Posted by Sslee > 2022-09-02 13:10 | Report Abuse

I am back to repost my comment in Petronm forum:

pang72
The huge selling is expected for refinery because crack spread in negative zone.
You can twist and turn but market don't buy it. The people are more smart then you think now. Please wake up!!
1 hour ago


Sslee
If you are selling based of the fact that TA is on downtrend then congratulation to you.

But if you are saying the huge selling is expected for refinery because crack spread in negative zone. Then allow me to correct you with the latest crack spread:

LOW SULPHUR GASOIL CRACK SPREAD (1000MT) FINANCIAL FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)NYMEX
46.497
D
USD
−3.250
(−6.53%)

SINGAPORE MOGAS 92 UNLEADED (PLATTS) BRENT CRACK SPREAD FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)NYMEX
0.789
D
USD
+1.426
(+223.86%)

SINGAPORE JET KEROSENE (PLATTS) DUBAI (PLATTS) CRACK SPREAD FUTURES (CONTINUOUS: NEXT CONTRACT IN FRONT)NYMEX
36.662
D
USD
−3.317
(−8.30%)

Posted by MoneyMakers > 2022-09-02 13:17 | Report Abuse

Aiyoyo sslee u think refineries can survive with Mogas crack 70sen meh

U think diesel crack wont follow Mogas collapse meh

Refineries overproduce when Mogas spread high - now oversupply (Mogas crack collapse)

Now every refinery will overproduce diesel until diesel crack collapse - just like Mogas

Posted by i3lurker > 2022-09-02 13:20 | Report Abuse

sslee

these are Tulips Crack Profits

there is the real Tulip price ie actual physical crack profits

and

tulip Tulip Crack Profits which are invisible

If I become market maker I can sell you Tulip Crack Profits at USD20.00 when actual refineries are making losses
you can buy these if you want to.
these Tulip Crack Profits which you bought at USD20.00 from me can go up in value to USD2,000.00 per contract just like BitCoin
Tulip CRACK Profits figures has no connection to actual refineries happenings due to HUGE number of gamblers buying it,
Ah Soh, Ah Qua, Prostitutes, Massage Girls and Taxi Drivers in Hong Kong also can buy Tulip Crack Profits.

Posted by lee77 > 2022-09-02 13:27 | Report Abuse

EPS more than 2.2...
Stock price failing like PN17....

Posted by UlarSawa > 2022-09-02 13:30 | Report Abuse

Walao Bungaraya limit up lah. Talk kok panlai. Ada substance kah. Haiyoh. Correct?

Posted by UlarSawa > 2022-09-02 13:32 | Report Abuse

Crack spread lagi cerita kah. Saham laosai lagi leh. Apa hal earning rm2.22 pun laosai one kah. Haiyoh. Correct?

Posted by i3lurker > 2022-09-02 13:32 | Report Abuse

sslee

of course there is an ending
when Market Maker compares Tulip Market price with actual Crack reports filed by refineries to example say EIA.
This is all defined inside contract.

the price difference between Tulip and Real Case as reported to EIA is paid out in cash whether profits or losses

Posted by CharlesT > 2022-09-02 13:36 | Report Abuse

Sslee lets face the real ugly face of stock mkt...hiding fm I3 threads into some telegram group cant save u fm the cruel world ....just like Glove Telegram Groups last 2 years...

Posted by i3lurker > 2022-09-02 13:38 |

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Posted by CharlesT > 2022-09-02 13:41 | Report Abuse

U may hv 30 years+ experience in palm oil biz....but u may not hv 30 years+ experience in stock mkt

Btw, if u hv 30 years+ experience in stock mkt n yet u cant make money, then mayb its time for u to look for other biz.....

Anyway u still can freely come to I3 to talk cock n kill some time

Posted by BobAxelrod > 2022-09-02 13:41 |

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Posted by BobAxelrod > 2022-09-02 13:43 | Report Abuse

Having said, it still leaves a bad taste and a punch at ego.

Posted by BobAxelrod > 2022-09-02 13:44 |

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Posted by BobAxelrod > 2022-09-02 13:45 |

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Posted by investopology > 2022-09-02 13:45 | Report Abuse

ggwp this HY operator very cunning also. just pump and dump.

Posted by BobAxelrod > 2022-09-02 13:47 |

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Posted by BobAxelrod > 2022-09-02 13:49 |

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Posted by CharlesT > 2022-09-02 13:50 | Report Abuse

U think stock mkt is like simple maths 1+1=2 ah?

Its more on EXPECTATION...

Posted by i3lurker > 2022-09-02 13:51 | Report Abuse

its love and sunshine will be ok