Template:Roll of honour: Difference between revisions
Jump to navigation
Jump to search
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
(31 intermediate revisions by the same user not shown) | |||
Line 1: | Line 1: | ||
{| | {{tabletopflex|100}} | ||
|+ | |+ Roll of Honour, financial disasters edition | ||
{{aligntop}} | |||
! Scandal !! Date !! | ! Scandal !! Date !! Where!! Loss !! Reason !! Firings !! Jail-Time? | ||
|- | {{aligntop}} | ||
| | |{{disaster roll - Post Office Horizon}} | ||
|- | {{aligntop}} | ||
|LME Nickel | |{{disaster roll - Credit Suisse}} | ||
{{aligntop}} | |||
|Evergrande || 2021|| China || [https://www.nytimes.com/2021/09/19/business/china-evergrande-debt-protests.html $300bn] || || Who knows? || No | |{{disaster roll - SVB memeplex}} | ||
{{aligntop}} | |||
|Archegos || 2021|| US || $10bn || [[When variation margin attacks|UMR]]<br>Internal operations || 100+ across brokers plus several senior executives and one CEO || Eyes peeled, Mr Huang | |{{disaster roll - Frank}} | ||
{{aligntop}} | |||
|Greensill || 2021|| UK || [https://www.nytimes.com/2021/03/28/business/greensill-capital-collapse.html $4.6bn] || || | |{{disaster roll - FTX}} | ||
{{aligntop}} | |||
| | |{{disaster roll - BarclaysMTN}} | ||
| | {{aligntop}} | ||
| | |LME Nickel [[short squeeze]] || 2022|| London || [https://internationalbanker.com/brokerage/the-nickel-short-squeeze-what-happened/ “Billions”] || LME || None reported ... yet || No | ||
|- | {{aligntop}} | ||
|[[Evergrande]] || 2021|| China || [https://www.nytimes.com/2021/09/19/business/china-evergrande-debt-protests.html $300bn] || || Who knows? || No | |||
{{aligntop}} | |||
|Nikola || 2020|| || | |[[Archegos]] || 2021|| US || [https://www.theguardian.com/business/2021/apr/27/nomura-and-ubs-latest-banks-to-reveal-impact-of-archegos-collapse $10bn+] || [[When variation margin attacks|UMR]]<br>Internal operations || 100+ across brokers plus several senior executives and one CEO || Eyes peeled, Mr Huang | ||
{{aligntop}} | |||
|[[Greensill]] || 2021|| UK || [https://www.nytimes.com/2021/03/28/business/greensill-capital-collapse.html $4.6bn] || || | |||
| | {{aligntop}} | ||
|Wirecard || 2020|| Germany || || | |[[Melvin Capital Management LP]] || 2021 || US || [https://www.thestreet.com/memestocks/gme/gamestop-stock-melvin-capital-defeated-by-the-apes $7bn] || Hubris detector failed || Everyone! The fund shut down shortlay after || Talk of regulators, outrageously, going after the [[outsider trader]]s, but nothing as yet. | ||
{{aligntop}} | |||
|WeWork || 2019|| US || || | |[[Citigroup v Brigade]] || 2021|| US || [https://www.ft.com/content/de433d55-5cea-4929-9954-c08e5b98f004 $500m] || Outsourcing, Operations, IT || Not reported but wouldn’t fancy being head of the team in Bangalore || No | ||
{{aligntop}} | |||
|Carillion || 2018|| UK || || | |Nikola || 2020|| US || [https://www.cnbc.com/2021/07/29/us-prosecutors-charge-trevor-milton-founder-of-electric-carmaker-nikola-with-three-counts-of-fraud.html About 80% share drop] || CEO misrep || Must have been plenty || CEO indicted on charges of securities fraud | ||
|- | {{aligntop}} | ||
|[[WireCard|Wirecard]] || 2020|| Germany || [https://www.reuters.com/article/us-wirecard-accounts-idUSKBN23W176 $4bn] || CEO misrep || All of them || Three charged with fraud including CEO | |||
{{aligntop}} | |||
|[[WeWork]] || 2019|| US || [https://therealdeal.com/2022/03/11/weworks-losses-narrow-but-are-still-huge/ $11bn over three years]|| CEO [[yogababble]] || Nothing to see here folks! Got a new venture to start up || ''Jail''? Dude hasn’t even been kicked off Marc Andreesen’s Xmas Card list. | |||
{{aligntop}} | |||
|Carillion || 2018|| UK || [https://www.theguardian.com/business/2020/jan/15/carillion-collapse-two-years-on-government-has-learned-nothing#:~:text=The%20demise%20of%20Carillion%20was,sales%20of%20%C2%A35.2bn. £7bn] || Auditors || 3,000 jobs || No but litigation a-plenty | |||
{{aligntop}} | |||
|Patisserie Valerie || 2018|| UK || || | |Patisserie Valerie || 2018|| UK || || | ||
{{aligntop}} | |||
|Abraaj || 2017|| Saudi | |Abraaj || 2017|| Saudi || || | ||
{{aligntop}} | |||
|Fyre festival || 2017|| US || || | |Fyre festival || 2017|| US || || | ||
|- | {{aligntop}} | ||
|{{disaster roll - tunabonds}} | |||
{{aligntop}} | |||
|Mossack Fonseca || 2016|| Panama | |{{disaster roll - 1MDB}} | ||
{{aligntop}} | |||
|Theranos || 2016|| US || || | |[[Mossack Fonseca]] || 2016|| Panama || || | ||
{{aligntop}} | |||
|[[Theranos]] || 2016|| US || || | |||
{{aligntop}} | |||
|Wells Fargo accounts fraud || 2016|| US || || | |Wells Fargo accounts fraud || 2016|| US || || | ||
{{aligntop}} | |||
|Volkswagen emissions 2015|| Germany and US || || | |Volkswagen emissions || 2015|| Germany and US || || | ||
{{aligntop}} | |||
|Autonomy || 2012|| UK and US || || | |Autonomy || 2012|| UK and US || || | ||
{{aligntop}} | |||
|Olympus || 2012|| || || | |Olympus || 2012|| || || | ||
{{aligntop}} | |||
|LIBOR || 2012|| UK || || | |[[LIBOR]] || 2012|| UK || || | ||
{{aligntop}} | |||
|London Whale || 2012|| UK || || | |London Whale || 2012|| UK || || | ||
{{aligntop}} | |||
|Kweku Abodoli || 2011|| UK || || | |Kweku Abodoli || 2011|| UK || || | ||
{{aligntop}} | |||
|Jérôme Kerviel || 2008|| UK || || | |Jérôme Kerviel || 2008|| UK || || | ||
{{aligntop}} | |||
|Bernie Madoff || 2008|| US || || | |[[Bernie Madoff]] || 2008|| US || || | ||
{{aligntop}} | |||
|Amaranth || 2007|| US || || | |Amaranth || 2007|| US || || | ||
{{aligntop}} | |||
|Tyco || 2002|| US || || | |Tyco || 2002|| US || || | ||
{{aligntop}} | |||
|Parmalat || 2003|| Italy || || | |Parmalat || 2003|| Italy || || | ||
{{aligntop}} | |||
|Freddie Mac || 2003|| US || || | |Freddie Mac || 2003|| US || || | ||
{{aligntop}} | |||
|Global Crossing || 2002|| US || || | |Global Crossing || 2002|| US || || | ||
{{aligntop}} | |||
|WorldCom || 2002|| US || || | |WorldCom || 2002|| US || || | ||
{{aligntop}} | |||
|Enron || 2001|| US || || | |[[Enron]] || 2001|| US || || | ||
|- | {{aligntop}} | ||
|{{disaster roll - LTCM}} | |||
{{aligntop}} | |||
|Yasuo Hamanaka || 1996|| UK || || | |Yasuo Hamanaka || 1996|| UK || || | ||
{{aligntop}} | |||
|Savings and Loan || 1995|| US || || | |Savings and Loan || 1995|| US || || | ||
{{aligntop}} | |||
|Nick Leeson || 1992|| UK Singapore || || | |Nick Leeson || 1992|| UK Singapore || || | ||
|} | |} |
Revision as of 08:52, 1 May 2024
Scandal | Date | Where | Loss | Reason | Firings | Jail-Time? |
---|---|---|---|---|---|---|
Post Office Horizon IT scandal | UK | Unjustified prosecution and conviction of hundreds of subpostmasters across the UK | Unaccountability, groupthink, astonishing collective amnesia, widespread incompetence, stupidity. | Conviction, imprisonment, suicide and bankruptcy of hundreds of perfectly innocent and quite nice people. | Loss of public honours (CBE). No firings yet: many candidates for defenestration jumped before they could be fired. | Excoriating public humiliation in front of public enquiry. Increasingly likely some criminal prosecutions may follow. |
Credit Suisse | Switzerland | Gradual decline into entropy with a 92% decline in share price since 2015. | Hubris, widespread incompetence, stupidity, spying, uselessness. | Billions and billions over a series of avoidable cockups. | Like the old man in Monty Python and the Holy Grail, “I’m not dead. I think I’m going for a walk. I feel happy.” Market (to SNB): “Isn’t there anything you can do?” | It is not, yet, a crime to make a series of howling cockups[1] over a credulity-defying period any more than it is a crime to not read an AT1 prospectus. Reputations damaged for ever, but alas no porridge, however richly deserved it may seem. |
Silicon Valley Bank memeplex | 2023 | US | $80bn or more | Dopey bank management, regulator asleep at switch, Peter Thiel panicking | Bank insolvent. Bondholders and shareholders wiped out. Other banks levied. Triggered other moral panics such as First National, Signature bank and others (poor old lucky Credit Suisse) | None yet. Lots of arguments about the presence or absence of moral hazard. Moral panic more like. |
Frank | 2023 | US | $175m | Fraud, unfeasible gullibility | Javice got fired. Surely more to come | Not yet clear |
FTX/Sam Bankman-Fried | 2022 | US, Bahamas | $32bn (so far) so some claims that everything has now been recovered and returned to its rightful owner | Hubris, stupidity, fraud | Fired: Gary Wang, Caroline Ellison, SBF. Bankruptcies: Alameda, Genesis, Blockfi. Suspensions of trading: Gemini Reported Losses: Crypto.com, Tiger Global Management, the Ontario Teachers' Pension Plan, SoftBank Group, BlackRock, Lightspeed Venture Partners, Temasek, and Sequoia Capital reported losses of $1bn |
Charged with wire fraud, conspiracy to commit securities fraud, money laundering, conspiracy to defraud the U.S., violation of campaign finance laws. |
Barclays MTN Programme Limit | 2022 | US | £1.3bn | Internal Operations | None reported but you have to fear for those poor folk in ops. I beg your pardon? What poor folk in ops? Oh, Right. | No-one goes to jail for forgetting to monitor a programme limit. |
LME Nickel short squeeze | 2022 | London | “Billions” | LME | None reported ... yet | No |
Evergrande | 2021 | China | $300bn | Who knows? | No | |
Archegos | 2021 | US | $10bn+ | UMR Internal operations |
100+ across brokers plus several senior executives and one CEO | Eyes peeled, Mr Huang |
Greensill | 2021 | UK | $4.6bn | |||
Melvin Capital Management LP | 2021 | US | $7bn | Hubris detector failed | Everyone! The fund shut down shortlay after | Talk of regulators, outrageously, going after the outsider traders, but nothing as yet. |
Citigroup v Brigade | 2021 | US | $500m | Outsourcing, Operations, IT | Not reported but wouldn’t fancy being head of the team in Bangalore | No |
Nikola | 2020 | US | About 80% share drop | CEO misrep | Must have been plenty | CEO indicted on charges of securities fraud |
Wirecard | 2020 | Germany | $4bn | CEO misrep | All of them | Three charged with fraud including CEO |
WeWork | 2019 | US | $11bn over three years | CEO yogababble | Nothing to see here folks! Got a new venture to start up | Jail? Dude hasn’t even been kicked off Marc Andreesen’s Xmas Card list. |
Carillion | 2018 | UK | £7bn | Auditors | 3,000 jobs | No but litigation a-plenty |
Patisserie Valerie | 2018 | UK | ||||
Abraaj | 2017 | Saudi | ||||
Fyre festival | 2017 | US | ||||
Mozambique tuna bonds | 2012-2016 | Mozambique, Russia and Switzerland | £1.5-2bn Credit Suisse fined £350m and required to forgive its loans ouch | Fraud, corruption, money laundering | Plenty, including three Credit Suisse bankers and the minister in Mozambique | Three Credit Suisse bankers done on money laundering charges |
1MDB | 2016 | Malaysia, but tentacles stretching all over the world: USA, Saudi Arabia, Singapore, Switzerland, China | Somewhere between $4.5bn and $8bn | Colossal fraud, corruption, money laundering and hip-hop | Hell yeah. Prime Ministers, Goldman Sachs Partners, and one dude — Jho Low — on the lam in rural china | You betcha: Australia, Hong Kong, Indonesia, Luxembourg, Seychelles, Singapore, Switzerland, UAE, UK and US are all actively pursuing action. The two Goldman partners pled or were found guilty; one sentenced to 10 years, one awaiting sentencing. Malaysian PM and wife convicted and sentenced to 10+ years with money laundering. If anyone catches Jho Low he’s for the high jump too. |
Mossack Fonseca | 2016 | Panama | ||||
Theranos | 2016 | US | ||||
Wells Fargo accounts fraud | 2016 | US | ||||
Volkswagen emissions | 2015 | Germany and US | ||||
Autonomy | 2012 | UK and US | ||||
Olympus | 2012 | |||||
LIBOR | 2012 | UK | ||||
London Whale | 2012 | UK | ||||
Kweku Abodoli | 2011 | UK | ||||
Jérôme Kerviel | 2008 | UK | ||||
Bernie Madoff | 2008 | US | ||||
Amaranth | 2007 | US | ||||
Tyco | 2002 | US | ||||
Parmalat | 2003 | Italy | ||||
Freddie Mac | 2003 | US | ||||
Global Crossing | 2002 | US | ||||
WorldCom | 2002 | US | ||||
Enron | 2001 | US | ||||
LTCM | 1998 | US | $3.6 bn bailout orchestrated by the Fed | Black-Scholes option pricing model attacked them from nowhere | Everyone out of a job, Master of the Universe-sized reputations (John Meriwether, Myron Scholes, Robert C. Merton) cut to ribbons | No, though fourteen bank CEOs were locked in a room by the Federal Reserve for a weekend so that is something. |
Yasuo Hamanaka | 1996 | UK | ||||
Savings and Loan | 1995 | US | ||||
Nick Leeson | 1992 | UK Singapore |
- ↑ except where the individual cockups were themselves criminal of course