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Rogue trader

  • Oct 11, 2025

The Memphis Wheat Trader Who Tried to Fool the Market

Less than a month after Jerome Kerviel blew a $5 billion hole in Societe Generale, another rogue trader popped up on the other side of the Atlantic. This one was not at a fancy French bank in Paris. He was sitting in Memphis, Tennessee, betting on wheat. Chapter 31 of Torsten Dennin’s “From Tulips to Bitcoins” tells how one guy at MF Global secretly built a $1 billion position against wheat, got absolutely crushed, and brought his entire firm to its knees.

The Memphis Wheat Trader Who Tried to Fool the Market

Less than a month after Jerome Kerviel blew a $5 billion hole in Societe Generale, another rogue trader popped up on the other side of the Atlantic. This one was not at a fancy French bank in Paris. He was sitting in Memphis, Tennessee, betting on wheat. Chapter 31 of Torsten Dennin’s “From Tulips to Bitcoins” tells how one guy at MF Global secretly built a $1 billion position against wheat, got absolutely crushed, and brought his entire firm to its knees.

  • Jul 26, 2025

The Chinese Copper Trader Who Vanished Without a Trace

In November 2005, a 36-year-old copper trader for the Chinese government stopped answering his phone. His apartment door stayed shut. He did not show up at work. His employer, the State Reserve Bureau, first told the London Metal Exchange that the man did not exist. Then they said he acted alone. Then they stopped talking. Chapter 20 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of Liu Qibing, who shorted up to 200,000 tons of copper on the LME and vanished when the bet went wrong.

The Chinese Copper Trader Who Vanished Without a Trace

In November 2005, a 36-year-old copper trader for the Chinese government stopped answering his phone. His apartment door stayed shut. He did not show up at work. His employer, the State Reserve Bureau, first told the London Metal Exchange that the man did not exist. Then they said he acted alone. Then they stopped talking. Chapter 20 of Torsten Dennin’s “From Tulips to Bitcoins” tells the story of Liu Qibing, who shorted up to 200,000 tons of copper on the LME and vanished when the bet went wrong.

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