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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 fourth 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 2007–08 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 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, Ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boonton, New Jersey
Boonton is a Town (New Jersey), town in Morris County, New Jersey, Morris County, New Jersey, United States. As of the 2020 United States census, the town's population was 8,815, an increase of 468 (+5.6%) from the 2010 United States census, 2010 census count of 8,347, which in turn reflected a decline of 149 (−1.8%) from the 8,496 counted in the 2000 United States census, 2000 census. The settlement was originally called "Boone-Towne" in 1761 in honor of the List of Governors of New Jersey, Colonial Governor Thomas Boone (governor), Thomas Boone. Boonton was originally formed on March 16, 1866, within portions of Hanover Township, New Jersey, Hanover Township and Pequannock Township, New Jersey, 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. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
News Corporation (1980–2013)
News Corporation (abbreviated News Corp.), also variously known as News Corporation Limited, was an American multinational mass media corporation controlled by media mogul Rupert Murdoch and headquartered at 1211 Avenue of the Americas in New York City. Prior to its split in 2013, it was the world's largest media company in terms of total assets and the world's fourth largest media group in terms of revenue, and News Corporation had become a media powerhouse since its inception, dominating the news, television, film, and print industries. News Corporation was a publicly traded company listed on NASDAQ. Formerly incorporated in Adelaide, South Australia, the company was re-incorporated under Delaware General Corporation Law after a majority of shareholders approved the move on November 12, 2004. News Corporation was headquartered at 1211 Avenue of the Americas, New York, in the newer 1960s–1970s corridor of the Rockefeller Center complex. On June 28, 2012, after concerns f ... [...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 breach of trust, forgery and unauthorized use of the bank's computers, resulting in losses valued at €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 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 and back office positions in the trading departments of financial institutions. Prior to that he received a bachelor's degree in finance from the University of Nantes. During an 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 STG) 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 crime comedy-drama film directed and co-written by Adam McKay. Co-written by Charles Randolph, it is based on the 2010 book '' The Big Short: Inside the Doomsday Machine'' by Michael Lewis showing how the financial crisis of 2007–2008 was triggered by the 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, and Marisa Tomei in supporting roles. The film is noted for the unconventional techniques it employs to explain financial instruments. Among others, it features cameo appearances by actress Margot Robbie, chef Anthony Bourdain, singer-songwriter Selena Gomez, and economist Richard Thaler, who break the fourth wall to explain concepts such as subprime mortgages and synthetic collateralized debt obligations. Several of the film's characters directly address the audience, most frequently Gosling's, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Daily Telegraph
''The Daily Telegraph'', known online and elsewhere as ''The Telegraph'', is a national British daily broadsheet newspaper published in London by Telegraph Media Group and distributed across the United Kingdom and internationally. It was founded by Arthur B. Sleigh in 1855 as ''The Daily Telegraph & Courier''. Considered a newspaper of record over ''The Times'' in the UK in the years up to 1997, ''The Telegraph'' generally has a reputation for high-quality journalism, and has been described as being "one of the world's great titles". The paper's motto, "Was, is, and will be", appears in the editorial pages and has featured in every edition of the newspaper since 19 April 1858. The paper had a circulation of 363,183 in December 2018, descending further until it withdrew from newspaper circulation audits in 2019, having declined almost 80%, from 1.4 million in 1980.United Newspapers PLC and Fleet Holdings PLC', Monopolies and Mergers Commission (1985), pp. 5–16. Its si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collateralized Debt Obligation
A collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS). Originally developed as instruments for the corporate debt markets, after 2002 CDOs became vehicles for refinancing 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 "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, those in the lowest, most "junior" tranches suffer loss ... [...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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Football
American football (referred to simply as football in the United States and Canada), also known as gridiron, is a team sport played by two teams of eleven players on a rectangular field with goalposts at each end. The offense, the team with possession of the oval-shaped football, attempts to advance down the field by running with the ball or passing it, while the 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 at least ten yards in four downs or plays; if they fail, they turn over the football to the defense, but if they succeed, they are given a new set of four downs to continue the drive. Points are scored primarily by advancing the ball into the opposing team's end zone for a touchdown or kicking the ball through the opponent's goalposts for a field goal. The team with the most points at the end of a game wins. American football evolved in the United States, ... [...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 Little Falls. As of fall 2018, Montclair State was, by enrollment, the second largest public university in New Jersey. As of November 2021, there were 21,005 total enrolled students: 16,374 undergraduate students and 4,631 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 school was to have i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Jersey
New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware River and Pennsylvania; and on the southwest by Delaware Bay and the state of Delaware. At , New Jersey is the fifth-smallest state in land area; but with close to 9.3 million residents, it ranks 11th in population and first in population density. The state capital is Trenton, and the most populous city is Newark. With the exception of Warren County, all of the state's 21 counties lie within the combined statistical areas of New York City or Philadelphia. New Jersey was first inhabited by Native Americans for at least 2,800 years, with the Lenape being the dominant group when Europeans arrived in the early 17th century. Dutch and Swedish colonists founded the first European settlements in the state. The British later seized control o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boonton
Boonton is a town in Morris County, New Jersey, United States. 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 a separate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
