Anshul Rustagi Update!!

You remember Anshul Rustagi. He is the Deutche Bank trader of collateralised debt obligations, or CDOs that overstated his trading earnings of $40 million. It seems that Mr. Rustagi has drawn lots of attention because he is of Indian decent and a graduate of the Indian Institute of Management and runner up in the “Leaders in Making” Award. The winner only lied about $10 million. Just kidding. Unfortunately Anshul has officially been dismissed from his position after a hearing and will be barred from trading in that arena. The Financial Services Authority has not said whether they will start an inquiry but my feeling is they won’t. Rustagi also has the option of appeal but I don’t think we’ll be seeing that either. I think the biggest mistake Rustagi made was going on holiday. That gave his fellow trader the opportunity to go through his book. Leeson at least worked every day to make sure nobody could go through his stuff while he was away. Perhaps the Indian Institute should add a few more ethics class to their curriculum. I haven’t been able to find a photo of him so if anyone has one please send it for this article.

 

 

 

 

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