Lost over 1b in derivatives bc of incompetent traders bc of low trader and the company refuses to bay event a couple hundred k more to get quality traders to prevent such losses. Nope. Just evaluate traders as big standard oil
co employees and tell them they are already overpaid. The 3% is a joke. Time to call for a vote of no confidence of DW he’s clearly ineffective and grossly incompetent and too much of a pu--y to whip people into shape by abandoning the value destroying customs that Dallas simply refuses to abandon. Such a shameful joke.
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Nor do they understand hedges and the value of insuring via derivatives. Must be some d-mb IT folks or geologists or engineers. They do not understand how mark to market accounting work in our trading books. Maybe they should go back to college and take accounting 101. They would flunk out of wall street.
The loss is not a cash loss...it is MTM loss. Actual loss will not be known until the deals close out. I am pretty sure most of you do not understand what I just stated, because you are clueless on Trading.
Such negativity for a thought-out post.
We should have Execs that understand better the commodity monopoly business.
Get some Cargill and Perdue guys up in here.
Sounds like the drunk rant of someone who doesn’t quite understand derivatives.
This makes no sense.
It is accounting timing not the traders.
Please explain this.. especially when she'll and other trading houses made a ki----g