Agreed nothing to do with LME. I remember quite a few off balance sheet fiascos over the years.
burns philip went bankrupt with off balance sheet FX trades in 1980s.
enron in 2000s i think with oil or energy futures
barings as well
wonder who the auditors are of TS and JPM as they shouldnt be allowing off balance sheet future trades.
The fault lies with management and greed of the traders We dont seem to learn the lesson and it seems neither do their auditors.
Let them fail and move on. At some point people need to pay piper and the more complex you let it get the worse it will get.
Cheap bank coming up for sale IMO
Agreed nothing to do with LME. I remember quite a few off...
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