andre's blog

Another Nick Leeson

A friend of mine told me an interesting story. A trader in bank X tried to make a profit, building a private portfolio with some new financial product and using bank's money. Apparently, he abused his position and connections within the firm in order to do so. The sad part of the story is, that he ended up playing against bank Y and loosing half of the cash. Obviously, he wasn't an exceptionally bright trader and also no proper pricing model was available for that particular product/portfolio.

Google documents

As some of you probably know, Google provides an "on-line office" - AJAX-based web application, which allows you to edit formatted text and spreadsheets on-line, storing them on Google's servers. There are some extra features, including change tracking, sharing of the same document with other Google users etc.