I wonder how much longer this idiot will have a job?

Discussion in 'The Intelligence Cell' started by crimsonhussar, Sep 27, 2011.

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  1. BBC News - Trader was not a hoaxer, says BBC

    In the current climate i would have thought his days of gainful employment are numbered. Whoever does employ him currently probably doesnt need an idiot like doing their PR for them. Ill give him a couple of days at best. Numpty!
     
  2. I have to admire his honesty.
     
  3. Well if he doesnt get the boot then i suppose it shows how much these trading companies really do(n't) care about us and how they manage our money. Not that i ever thought for a minute that they do care. Mind you he has some balls if he is genuine.
     
  4. the public always complains about being lied to, but if somebody speaks the truth they want them to get the boot.
     
  5. He is right though. People do make money in recessions.

    In the early 90's, when repossessions went through the roof (no pun intended), large numbers of houses were snapped at bargain prices at repossession auctions, as little as 15% of the cost. All promptly rented back out, and of course revalued at full price.

    At the same time, when commercial property was empty, shop squats moved in to flog ultra-low price goods. No rent, cash payments, cash-in-hand workers, and stock of dubious origin (often obtained from debtors auctions, as well as low-cost imports).

    Some business advice I was given, which runs counter-intuitive, is not so much about making money but maintaining cash flow; in a recession, increase unit price. Customer numbers will decline anyway, so why reduce the revenue from the customers who stay...

    Traders work on vastly different scales, of course - some will have been 'betting' on the markets going down, for example "borrowing" a £1 share to sell to a third party at whatever price, say £0.95, and then paying for the original share at £0.90. With millions of shares involved...
     
  6. The_Duke

    The_Duke LE Moderator

    He isn't a social worker, he is a trader (of sorts, self employed and not doing well according to the DT). If the correct position to take to make money is on the markets going down, that is the position a trader will take. He will keep his job as long as he makes money.

    The bloke below didn't do too bad out of investing based on a downwards market:

    George Soros - Wikipedia, the free encyclopedia

    Now toddle off back to your Socialist Workers...
     
    • Like Like x 1
  7. I don't see the problem, he's just being honest. Thousands of other people in the city will be thinking the same thing.
     
  8. Shades of Ratners and the 'Crap jewellery' incident though dont you think?
     
  9. No.
     
  10. Agreed.