|
 |
What Happened?
Boaz Weinstein, was a derivatives trader for Deutsche Bank, stuck
the firm for $1.8 billion in a financial scam. He says, it was just a
bad market.
|
| |
|
What's A Derivative?
You think the price of corn will rise next year, so you
give a contract to farmer Jones for 20 million bushels, at $5
each. The bet is a $100 million, and the broker puts up one
percent, and the bank holds the other 99%.
It's like buying a $2 million house with $500 down payment,
real estate collapses, and you walk away leaving the bank
stuck for $1.99 mill.
|
 |
| |
|
|
 |
How Much Did He Make
Mr. Weinstein averaged $50 million a year.
8
|
| |
|
|
|
Weinstein Creates His Own Legend
He hired a Russian chess champion, gathered 100 of his fellow
traders, and played Blindfold Chess. Boaz Weinstein, who wore a
blindfold, sat with his back to a chess board and dictated moves
to his comely blonde assistant. Keeping the board in his head, and
thinking many moves ahead, it took him two hours to crush his
hapless opponent.
|
 |
| |
|
|
|
|
 |
A Son Of Holocaust Survivors
Born to Israeli and Polish émigré parents, Mr Weinstein has always
had the instincts of a game player, a gambler and a trader. His
parents enrolled him in chess workshops at the age of five, and he was
a chess master by 16.
8
The art of the swindle is in his blood?
|
| |
|
A Team Of Young Zionists
At Deutsche Bank he surrounded himself with similar people,
including alumni of MIT's secret card-counting blackjack team,
whose exploits were the basis for the Kevin Spacey film 21 last
year. The Deutsche team was called Saba, the Hebrew word meaning
grandfatherly wisdom. They would gather after market close on
Fridays to play poker, with $100 as the minimum buy-in.
5
|
 |
| |
|
|
 |
Trips To Las Vegas
Team-bonding trips to Las Vegas were common, where members
would often win big.
|
| |
|
| |
|
He Claimed A Movie Was Made About Him
At Deutsche Bank he surrounded himself with similar
people, including alumni of MIT's secret card-counting
blackjack team, whose exploits were the basis for the
Kevin Spacey film 21 last year.
|
 |
| |
|
|
 |
What About The Deutch Bank?
The head of the Deutch bank,
Josef Ackermann,is a German
Jew. Most of the executive committee are fellow
holocaust survivors, and are extremely disappointed.
2
|
| |
|
Good Germans Are The Real Losers
The bank lost, which means the government steps
in to prevent a bank-run. Basically the entire
populace of Germany gets the bill.
|
 |
| |
|
|
|
|
|
|
|
