We're looking back at 2007 to see who / what were the biggest cock-ups or own goals seen in the financial markets this year. Here are some of our suggestions:
Bloomberg reports that shares in HSBC Holdings fell to a 20-month low in Hong Kong trading Tuesday, after Goldman came out and said that it expected the bank to have to take an additional $12bn in provisions for its US subprime mortgage and home equity loans. The Wall Street firm has downgraded its rating on HSBC to 'sell'.
The Financial Times reports that Lahde Capital, a California hedge fund, is the latest firm to be identified in the small group of US funds which have made the single most profitable trade ever by using derivatives to short subprime-linked securities.
The Wall Street Journal reports that former Credit Suisse investment banker Hafiz Muhammad Zubiar Naseem has pleaded not guilty to allegations that he provided inside information to a banker in Pakistan, who subsequently made in excess of $7m by trading on it.
Here's a little something sent in by one of our readers.
Here Is The City gets a number of folks who regularly send in contributions. One guy in particular, we're going to call him our 'Highly Placed Professional', has a good understanding of the markets, fairly decent writing skills and the kind of caustic wit we like - so we're going to give him some air time. Here's his first piece:
Whilst we don't normally comment on sport, England's ignoble exit from the European Championship Wednesday has prompted us to give some space to any reader who might be interested enough to post their views on this debacle.
Well even Goldman can't have it all its own way. Even the illustrious Wall Street firm, which has thrived and prospered this year while most rivals have stumbled, has a weak spot. And, yes, it's that once-$10bn flagship Global Alpha hedge fund.
Here's just another brilliant example of how men think on their feet...... how fortunate the women in our lives are!
Julian Usher from search and selection firm Gibson Rose.