I know! Let traders mark their own books!
Toronto-Dominion Bank (TD), Canada’s second-largest lender, said one of its traders in London incorrectly priced credit derivatives, costing the bank about C$96 million ($94.3 million) in pretax earnings. The employee linked to the pricing error, a senior male trader, left TD Securities on June 23 when the mistake was discovered...
Chris? You were saying...?
Toronto Dominion...this is getting very predictable
by Chris Addy
Risk Without Reward Jul. 5 2008
Toronto-Dominion Error to Cut Profit by C$96 Million
by Sean B. Pasternak
Bloomberg Jul. 4 2008
Earlier on NakedShorts:
Great ideas in investment banking
May 27 2008