|
Howie Hubler
Howard Hubler III, known as Howie Hubler, is an American former Morgan Stanley bond trader who is best known for his role in the fifth largest trading loss in history. He made a successful short trade in risky subprime mortgages in the U.S., but to fund his trade he sold insurance on AAA-rated mortgage-backed collateralized debt obligations that market analysts considered less risky, but also turned out to be worthless, resulting in a massive net loss on his trades. His actions while handling credit default swaps (CDS) directly resulted in the loss of roughly US$9 billion during the 2008 financial crisis—the largest single trading loss in Wall Street history when adjusted for inflation, and the largest at the time. The only bigger single losses in nominal terms came in 2012 with Bruno Iksil (also trading credit default swaps) and in 2021 when Bill Hwang lost around $10 billion on total return swaps. Early life and education Hubler was born and raised in Boonton, New Jer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boonton, New Jersey
Boonton () is a town in Morris County, in the U.S. state of New Jersey. As of the 2020 United States census, the town's population was 8,815, an increase of 468 (+5.6%) from the 2010 census count of 8,347, which in turn reflected a decline of 149 (−1.8%) from the 8,496 counted in the 2000 census. The settlement was originally called "Boone-Towne" in 1761 in honor of the Colonial Governor Thomas Boone. Boonton was originally formed on March 16, 1866, within portions of Hanover Township and Pequannock Township. The town was reincorporated and became fully independent on March 18, 1867.Snyder, John P''The Story of New Jersey's Civil Boundaries: 1606–1968'' Bureau of Geology and Topography; Trenton, New Jersey; 1969. p. 191. Accessed October 25, 2012.General History Town of Boonton. Accessed March 20, 2020. "Boonton became ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
News Corporation (1980–2013)
The original incarnation of News Corporation (abbreviated News Corp. and also variously known as News Corporation Limited) was an American multinational mass media corporation founded and controlled by media mogul Rupert Murdoch. Formerly incorporated in Adelaide, South Australia, the company was re-incorporated under Delaware General Corporation Law following a successful shareholder vote on November 12, 2004; it had since been headquartered at 1211 Avenue of the Americas in New York City. On June 28, 2012, after concerns from shareholders in response to its recent controversies and to "unlock even greater long-term shareholder value", Rupert Murdoch announced that News Corporation's assets would be restructured into two publicly traded companies, one oriented towards media, and the other towards publishing. The formal split was completed on June 28, 2013; the original News Corp. was renamed 21st Century Fox and consisted primarily of media outlets, while the second Ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jérôme Kerviel
Jérôme Kerviel (; born 1977) is a French rogue trader who was convicted and imprisoned in the 2008 Société Générale trading loss for position of trust, breach of trust, forgery and unauthorized use of the bank's computers, resulting in losses valued at euro, €4.9 billion. Early life Kerviel grew up Pont-l'Abbé, Brittany. His mother, Marie-Josée, is a retired hairdresser, and his father, Charles, was a blacksmith. He has an older brother, Olivier. Kerviel was married, but he and his wife marital separation, separated in 2008. Kerviel graduated in 2000 from Lumière University Lyon 2 with a Master of Finance specializing in organization and control of financial markets. The university's financial program, which was initiated in the 1990s with the support of France's larger banks, was intended to prepare students for middle office, middle and back office positions in the trading departments of financial institutions. Prior to that he received a bachelor's degree i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kweku Adoboli
Kweku Adoboli (born 21 May 1980) is a Ghanaian investment manager and former stock trader. He was convicted of illegally trading away US$2 billion (£1.3 billion GBP) as a trader for Swiss investment bank UBS. While at the bank he primarily worked on UBS' Global Synthetic Equities Trading team in London, where he engaged in what would later be known as the 2011 UBS rogue trader scandal. After serving a prison sentence, he lost several appeals against the UK Home Office decision to deport him to Ghana. Early life and education Kweku Adoboli was born on 21 May 1980 in Tema, Ghana, to John Adoboli, a senior United Nations official. He spent his early years in Israel, Syria and Iraq, before moving to the United Kingdom in 1991. He attended Ackworth School in Pontefract, West Yorkshire, where he was head boy. In 2000, after finishing school, he started reading Chemical Engineering at the University of Nottingham, but switched to e-commerce and digital business studies. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Big Short (film)
''The Big Short'' is a 2015 American Biographical film, biographical comedy drama film, directed by Adam McKay, and co-written by McKay and Charles Randolph. Based on the 2010 The Big Short, book of the same name by Michael Lewis, it shows how the 2008 financial crisis was triggered by the 2000s United States housing bubble, United States housing bubble. The film stars Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt, with John Magaro, Finn Wittrock, Hamish Linklater, Rafe Spall, Jeremy Strong (actor), Jeremy Strong, and Marisa Tomei in supporting roles. To explain financial instruments, the film features cameo appearances by actress Margot Robbie, chef Anthony Bourdain, singer-songwriter Selena Gomez, economist Richard Thaler, and others who break the fourth wall to explain concepts such as Subprime lending, subprime mortgages and Synthetic CDO, synthetic collateralized debt obligations. Several of the film's characters directly address the audience, most frequently Gos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Daily Telegraph
''The Daily Telegraph'', known online and elsewhere as ''The Telegraph'', is a British daily broadsheet conservative newspaper published in London by Telegraph Media Group and distributed in the United Kingdom and internationally. It was founded by Arthur B. Sleigh in 1855 as ''The Daily Telegraph and Courier''. ''The Telegraph'' is considered a newspaper of record in the UK. The paper's motto, "Was, is, and will be", was included in its emblem which was used for over a century starting in 1858. In 2013, ''The Daily Telegraph'' and ''The Sunday Telegraph'', which started in 1961, were merged, although the latter retains its own editor. It is politically conservative and supports the Conservative Party (UK), Conservative Party. It was moderately Liberalism, liberal politically before the late 1870s.Dictionary of Nineteenth Century Journalismp 159 ''The Telegraph'' has had a number of news scoops, including the outbreak of World War II by rookie reporter Clare Hollingworth, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collateralized Debt Obligation
A collateralized debt obligation (CDO) is a type of structured finance, structured asset-backed security (ABS). Originally developed as instruments for the corporate debt markets, after 2002 CDOs became vehicles for refinancing Mortgage-backed security, mortgage-backed securities (MBS).Lepke, Lins and Pi card, ''Mortgage-Backed Securities'', §5:15 (Thomson West, 2014). Like other private label securities backed by assets, a CDO can be thought of as a promise to pay investors in a prescribed sequence, based on the cash flow the CDO collects from the pool of bonds or other assets it owns. Distinctively, CDO credit risk is typically assessed based on a probability of default (PD) derived from ratings on those bonds or assets. The CDO is "sliced" into sections known as tranche, "tranches", which "catch" the cash flow of interest and principal payments in sequence based on seniority. If some loans default and the cash collected by the CDO is insufficient to pay all of its investors, t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed Income
Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay interest at a fixed rate once a year and repay the principal amount on maturity. Fixed-income securities (more commonly known as bonds) can be contrasted with equity securities (often referred to as stocks and shares) that create no obligation to pay dividends or any other form of income. Bonds carry a level of legal protections for investors that equity securities do not: in the event of a bankruptcy, bond holders would be repaid after liquidation of assets, whereas shareholders with stock often receive nothing. For a company to grow its business, it often must raise money – for example, to finance an acquisition; buy equipment or land, or invest in new product development. The terms on which investors will finance the company will depend on the risk profile of the company. The company ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Football
American football, referred to simply as football in the United States and Canada and also known as gridiron football, is a team sport played by two teams of eleven players on a rectangular American football field, field with goalposts at each end. The offense (sports), offense, the team with possession of the oval-shaped Ball (gridiron football), football, attempts to advance down the field by Rush (gridiron football), running with the ball or Forward pass#Gridiron football, throwing it, while the Defense (sports), defense, the team without possession of the ball, aims to stop the offense's advance and to take control of the ball for themselves. The offense must advance the ball at least ten yard, yards in four Down (gridiron football), downs or plays; if they fail, they turnover on downs, turn over the football to the defense, but if they succeed, they are given a new set of four downs to continue the Glossary of American football#drive, drive. Points are scored primarily b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Montclair State College
Montclair State University (MSU) is a public research university in Montclair, New Jersey, with parts of the campus extending into Clifton and into Little Falls. As of fall 2018, Montclair State was, by enrollment, the second largest public university in New Jersey. As of June 2024, there were 22,570 total enrolled students: 18,062 undergraduate students and 4,508 graduate students. It is classified among "R2: Doctoral Universities – High research activity". The campus covers approximately . The university offers more than 300 majors, minors, and concentrations. History Plans for the State Normal school were initiated in 1903, and required a year for the State of New Jersey to grant permission to build the school. It was then established as "New Jersey State Normal School at Montclair", a normal school, in 1908 approximately 5 years after the initial planning of the school. At the time, Governor John Franklin Fort attended the dedication of the school in 1908, and the sch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Jersey
New Jersey is a U.S. state, state located in both the Mid-Atlantic States, Mid-Atlantic and Northeastern United States, Northeastern regions of the United States. Located at the geographic hub of the urban area, heavily urbanized Northeast megalopolis, it is bordered to the northwest, north, and northeast by New York (state), New York State; on its east, southeast, and south by the Atlantic Ocean; on its west by the Delaware River and Pennsylvania; and on its southwest by Delaware Bay and Delaware. At , New Jersey is the List of U.S. states and territories by area, fifth-smallest state in land area. According to a 2024 United States Census Bureau, U.S. Census Bureau estimate, it is the List of U.S. states and territories by population, 11th-most populous state, with over 9.5 million residents, its highest estimated count ever. The state capital is Trenton, New Jersey, Trenton, and the state's most populous city is Newark, New Jersey, Newark. New Jersey is the only U.S. stat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boonton
Boonton () is a town in Morris County, in the U.S. state of New Jersey. As of the 2020 United States census, the town's population was 8,815, an increase of 468 (+5.6%) from the 2010 census count of 8,347, which in turn reflected a decline of 149 (−1.8%) from the 8,496 counted in the 2000 census. The settlement was originally called "Boone-Towne" in 1761 in honor of the Colonial Governor Thomas Boone. Boonton was originally formed on March 16, 1866, within portions of Hanover Township and Pequannock Township. The town was reincorporated and became fully independent on March 18, 1867.Snyder, John P''The Story of New Jersey's Civil Boundaries: 1606–1968'' Bureau of Geology and Topography; Trenton, New Jersey; 1969. p. 191. Accessed October 25, 2012.General History Town of Boonton. Accessed March 20, 2020. "Boonton became ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
