Renaissance Capital loses on rogue trading
Expatriate billionaire Stephen Jennings’ investment bank, Renaissance Capital, has become the latest bank to lose on bets placed by a rogue trader.
A Renaissance Capital spokesman confirmed to Bloomberg that the Russian bank lost $US10 million on the unauthorised trading.
The trading, for one of the bank’s clients, surpassed set limits and was quickly detected by internal controls.
The client had encouraged the trader to violate the risk limits but then...
10/14/2008 10:23:34 AM
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