Mr. Rusnak, according to the report, began hiding losses in 1997 after bad bets on the direction of currencies, especially the Japanese yen.
He appears to have gotten into trouble at Allfirst by trying to hide losses on wrong-way bets on the direction of currencies, especially the Japanese yen.
Macroinvestors make big bets on the direction of global currency, stock, bond and commodity markets.
His aggressive style of macro investing involved making big bets on the direction of global currency, stock, bond and other markets, often taking advantage of inefficiencies created by the interlocking of economic systems.
This means that users can simply wave their phone in the direction of the currency and it will speak the bill's value as it falls into view of the camera.
Short-term bets on the flow of oil or the direction of a currency like the Indian rupee aren't likely to be productive for most people, Mr. Kelly said.
During the late 1990's, technology-driven hedge funds, like Pequot, Bowman and Galleon, rose to prominence and replaced the macro style of investing, made famous by Mr. Soros, in which managers make big bets on the direction of global currency, bond or stock markets.
These are funds like Long-Term Capital, wasch was rescued by a group of big financial firms in 1998, and those run by Mr. Soros and Mr. Robertson, which have used complex financial strategies to make large, leveraged bets on the direction of global currency, bond and equity markets.
That loss came in the bank's proprietary trading account, which means that the bank apparently encouraged its trader to bring in profits from betting its money on the direction of foreign currencies.
