All you have to do in life is take massive risks, fail miserably with other people's money, and ask for more money:
The fall of Boaz Weinstein, once one of Wall Street's hottest traders, speaks volumes about why financial firms still are reeling from the shattered global markets.
As a chess master, poker and blackjack devotee and top trader at Deutsche Bank AG, Mr. Weinstein made big bets using complex financial instruments, generating large returns for the bank and about $40 million in annual pay for himself. But in 2008 the group he ran saddled the bank with $1.8 billion in losses, erasing more than two years of trading gains.
The funny thing is, I have no doubt that he will be able to raise a substantial fund:
Last month, Deutsche Bank shut down Mr. Weinstein's operation and wound down many of his positions. He left the bank this week, with plans to start a hedge fund.
So, who really is to blame in these situations? The person that takes the money that others actively give him, or the people that continue to give him that money? The answer is obvious.