Page 272 - A Banker Down the Rabbit Hole

77. Switched to another company

A fter about a year, the younger director called me and told, "You

had been in Hong Kong in a bank. You should start dealing in
currency and derivatives trading so that company can make
money like some of my friends are making in these days."

I replied to him, "During my meeting with the senior director in India while
discussing my role and responsibilities and terms of the contract, he never
indicated that I would be required to engage in this kind of activity.
Moreover, these trades are highly speculative with possibility of upside gain
as well as huge loss. Even the experienced traders can incur huge losses.
You might have read the recent news report about Nick Leeson, a trader
with Barings Bank Singapore office who singlehanded brought down this
bank to bankruptcy due to wrong bets on the market. Had the Senior
Director told me about this, I would have explained this way to him also.
I was, of course, a limited dealer in four foreign currencies in Hong Kong
branch taking positions for our customers. My market was my main office
in Hong Kong to cover my over bought or oversold positions where a full-
fledged dealer was stationed."

I continued to explain, "I am not a skilled trader in derivatives and don't
want to try my hands and expose the company to any big or small loss
that the company would not be ever ready to bear, I believe." He kept quiet
but it was evident from his face expression that he was very disappointed.

I waited for one more year. But I was doing the role other than that of a
CFO. They told me every now and then that they will expand but I did not
see any such possibility. Finally, I switched the job to another company who

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