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WSJ: Deutsche Bank Fallen Trader Left -$1.8 Billion Hole

Posted: Fri Feb 06, 2009 9:08 am
by stamo
Today's WSJ:

"The fall of Boaz Weinstein, once one of Wall Street's hottest traders, speaks volumes about why financial firms still are reeling from the shattered global markets. As a chess master, poker and blackjack devotee and top trader at Deutsche Bank AG, Mr. Weinstein made big bets using complex financial instruments, generating large returns for the bank and about $40 million in annual pay for himself. But in 2008 the group he ran saddled the bank with $1.8 billion in losses, erasing more than two years of trading gains."