John Ho Park emerged briefly from the shadows, tearful and penitent. He was sorry he blew 6.2m pounds sterling and broke the bank. But not as sorry as his former mates in the City. It was their money...
Article Abstract:
Self-employed dealers have reacted angrily to the fact that John Ho Park, a graduate of Cambridge University, England, lost 6.2 million pounds sterling of their money after he misjudged a gamble on the direction of the German government bond market. The dealers have each lost between 15,000 pounds sterling and 1 million pounds sterling, and Ho Park's actions have also led to the closure of trading house Griffin Trading Co. and of GLH (Derivatives) Ltd. The Serious Fraud Squad may undertake an investigation if there is any evidence of crime, rather than just a genuine mistake.
Comment:
Has been forced to close after misguided investments by security dealer
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1999
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City staff braced for tidal wave of sackings as banks cut back
Article Abstract:
It is likely that financial institutions in the City of London will make large numbers of staff redundant as a result of the world financial crisis. Recent research indicates that business confidence among financial sector companies has fallen to its lowest level since 1991. Merrill Lynch has already cancelled its Christmas party and told staff to reduce overseas travel and entertainment, while redundancies are expected to be announced shortly at Warburg Dillon Reed, one of the top securities firms.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
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Brutal lesson behind the Griffin failure
Article Abstract:
The collapse of futures broker Griffin Trading following a misguided bet on the German futures market just before Christmas 1998 by sole trader John Ho Park has led to 110 self-employed Liffe futures traders being put out of business. The traders are very angry that they were not made sufficiently aware of the risks they were taking. They are now calling on the Financial Services Authority for help, but have been told that they will only get back 50% of what they lost for the time being.
Comment:
Has collapsed after misguided activity in German futures market
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1999
User Contributions:
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