Comment by: Anonymous. Posted 14 years ago [2009-05-15 01:14:26]

If we assume the trader made as little as 1% bonus on his profits, then 100K fine for (what was, or would have been) a 1.2mm bonus is very low. The point of a fine is to be multiple times bigger than what you stand to gain by cheating. Otherwise it incentivizes you to cheat and if you're caught; oh well, you just have to give back some of the money you made while stealing! Great. Same for the 1.4mm versus the 120mm mismarking for the firm. Although I guess it's all better than the 5.6mm handed to CS for a 2.7 BILLION mismarking. We're making progress here. Albeit a bit glacial...