Vindication at last: today's Times states:
And so rogue trader Jerome Kerviel's loss of £3.7B is someone else's gain. I've always felt that some financial trading has a zero sum element to it, but my trader friends have always dismissed this as simply not true - giving me the impression that they are adding value in some way. Now it seems that derivatives trading is a zero sum game... with no added value. I'm now trying to think of any other profession where the overall status quo is left untouched by its efforts. Any ideas?
In derivatives trading winners exactly match the losers.
And so rogue trader Jerome Kerviel's loss of £3.7B is someone else's gain. I've always felt that some financial trading has a zero sum element to it, but my trader friends have always dismissed this as simply not true - giving me the impression that they are adding value in some way. Now it seems that derivatives trading is a zero sum game... with no added value. I'm now trying to think of any other profession where the overall status quo is left untouched by its efforts. Any ideas?
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