Neil Collins

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Quick! Give that man a job!

May 20, 2009

Provided he doesn’t drink too much, it’s unlikely that David Redmond will find himself out of work for long. Redmond was a Morgan Stanley trader in the oil and freight markets who went out for a long, liquid lunch on February 6 last year, and on his return embarked on some frenetic trading in the oil market.

 Whether he fully realised what he was doing or not, he dominated the market that afternoon, culminating in a frenzy of trading into the early evening. He eventually went home leaving an open position without telling his superiors that $10 million of the bank’s money was at risk

 This has brought down the wrath of the Financial Services Authority, which today suspended him for two years. As its report says, slightly archly, “he drank alcohol over lunch and it appears that this affected his behaviour on his return to the office, although he was not visibly drunk.”

 But – and here’s the real story – the next morning, still leaving his superiors in the dark and (presumably) sporting an impressive hangover, he returned to his desk and traded out of his exposed position, eventually showing a small profit.

 Now that really does show class under pressure. He’s unlikely to be short of offers, but Alphaville, as so often, asks the key question: where did he go for lunch?

  • About Neil

    "City Editor, The Daily Telegraph 1986-2005 City Editor, The Sunday Times, 1984-1986 City Editor, Evening Standard, 1979-1984 Director Templeton Emerging Markets Investment Trust plc, Finsbury Growth and Income Trust plc Passion: fly fishing (and wife Julia and seven-year-old twins)"
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