Seeking Alpha

Bank of America (BAC) managing director Raphael Zagury - the head of derivative investments in...

Bank of America (BAC) managing director Raphael Zagury - the head of derivative investments in wealth management - resigns after 5 years on the job. He declined to comment on the circumstances.
Comments (9)
  • bbro
    , contributor
    Comments (9483) | Send Message
     
    Slow news day...
    11 Mar 2013, 11:59 AM Reply Like
  • onewhatsbeendonebefore
    , contributor
    Comments (145) | Send Message
     
    with $45 trillion invested in options and most in the puts his time is up and just before the reinvestment costs cannot be met he weants to spend whats left of his time with his family because no one else wants to hire the man of the century's bad calls. Moynehan will be next to spend more time with his family as the White House decides on reducing the deficit in one swing with a huge FINE the biggest this side of the Pecos.
    11 Mar 2013, 12:09 PM Reply Like
  • billmichael
    , contributor
    Comments (104) | Send Message
     
    If Obummer did that, wouldn't it be like cutting off one's nose to spite one's face? Who will it help to cripple such an important bank just as it is recovering? We need the banks to get the economy going again. Destroying a bank in the midst of worldwide economic instability would be insane. Surely no one is really that vindictive or that irresponsible?
    11 Mar 2013, 05:31 PM Reply Like
  • Doug Dallam
    , contributor
    Comments (7086) | Send Message
     
    Because another bank will buy BAC's assets, just like BAC bought Countrywide, people will cheer that we have no debt, Obama will be a hero to 80% of the population, and no one will look back (but that isn't going to happen).

     

    And, with all due respect, you really shouldn't be calling the president (or anyone) names in this forum, since it is not a political forum, but, rather, a financial forum. Using silly names sounds unprofessional and cheapens SA's forum reputation. Not only that, but it's in the forum TOS.
    12 Mar 2013, 05:29 AM Reply Like
  • ppk721
    , contributor
    Comments (43) | Send Message
     
    thats an area that s not accounted for in that bogus stress test--YES SIR DERIVATIVES-- let the public know what risk is in that area--to big to fail
    11 Mar 2013, 12:10 PM Reply Like
  • benitus
    , contributor
    Comments (1911) | Send Message
     
    It's about time we get some transparency on these pesky derivatives trading. JPM came clean with theirs (no choice, actually, the whale got beached). It's nerve-wracking simply thinking about the potential damage it could do, if those involved with it get over their heads. I remember long ago when Barclays was brought down after several hundred years of proud tradition by a rogue trader named Nick Leeson (or something like that). He got a 7-figure book deal, after he came out of prison (like 6 or 7 yrs, I think), which isn't bad, after living it up on shareholders' money. ING bought Barclays from bankruptcy and later, had to sell it off when it ran into troubles of its own (I think it had to do with derivatives as well).
    11 Mar 2013, 03:25 PM Reply Like
  • gwynfryn
    , contributor
    Comments (4019) | Send Message
     
    ben, are you on medicaments? I seem to recall that it was Barings, that Nick Leason trashed, and Barclays are the ones who bought what was left of Lehman Bros assets.
    12 Mar 2013, 09:49 AM Reply Like
  • benitus
    , contributor
    Comments (1911) | Send Message
     
    gwynfryn....you are absolutely right. Someone must have slipped something into my lunch yesterday....somehow fried me up. Yes, it was Barings Bank, the oldest investment bank in the UK (I think it was some 230yrs), who was bought over by ING for one sterling pound, simply for the seat it had on Simex. My apologies to Barclays and all concerned for my lapse of memory (getting on in age, effects of dementia kicking in). Nick Leeson was probably the first international rogue trader and won't be the last, so long as banks don't enforce their housekeeping rules, just like the London whale, who was largely unsupervised and had free rein. Nick Leeson's losses for Barings are peanuts compared to the losses of the London whale and other recent rogue traders.
    12 Mar 2013, 11:51 AM Reply Like
  • gwynfryn
    , contributor
    Comments (4019) | Send Message
     
    ben, I'm glad it's not just me...
    12 Mar 2013, 12:15 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|