Thursday 30 August 2018

Who Is The Poorest Man In The World?

well in terms of the most indebted person in the world, 


(A.K.A. poorest person in terms of money in the world), it must be Jerome Kervie, He is an ex-Societe Generale Trader who  has a debt of $6.3 billion after dealing in $73 billion worth of unauthorised deals, forgery and other sketchy deals, this makes him the most indebted person in the world, in 2005 he was promoted to a Junior Trader for his bank in the Delta One business, which consists of program trading, swaps, exchange-traded funds, quantitative trading and index futures, He was hailed as a "Computer Genius" by the Governor of the Bank of France, Christian Noyer, so on Jerome's salary of $66,000 a year he set to work, what he was using were massive funds for was known as arbitrage trading, where you take advantage of two stocks having different prices, in different markets when they should have the same price, a better explanation can be found here Arbitrage Definition | Investopedia, anyway, what he should have done is sell the expensive stock, buy the cheaper stock and wait for them to become the same price, apparently, to give an idea of the sizeof the losses, it was 6 times the loss that what Nick Leeson lost for Barings, for an update on the most indebted man in the world have a look here.


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