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But Citigroup's bad trading bets caused the bank to nearly collapse.
The unit absorbed a $607 million loss from bad trading bets.
There is nothing in the proxy statement about what would happen if Corzine destroyed the firm by making bad trading bets.
The third thing that crippled us was the very bad trading that the company did last Christmas, led by Darren Topp [the former chief executive].
The bank suffered heavy blows to its fixed-income business, causing it to write off $3.55 billion from deteriorating securities prices, leveraged loans and bad trading bets.
On a conference call, Glenn Schorr, an analyst with the investment bank Nomura, asked David Viniar, Goldman's chief financial officer, if it was a bad trading quarter or if something bigger was going on that was "impacting the Goldman franchise".
Similar(42)
"That is a bad trade-off".
Was it a bad trade?
In City jargon: a pretty bad trade.
Some blame bad trades by general managers.
Selling out of a bad trade is possible.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com