David Smothermon finished 2015 on a high. He had generated substantial profits in the Houston subsidiary of Trammo AG. A firm founded half a century earlier specialising in the global trade of Ammonia. But while the profits rolled in, his positions grew. By the end of 2015, while being congratulated, he was asked to reduce risk. Bonuses would be paid in May, but the losses started to grow. Smothermon turned to elicit means to hide his losses and protect the bonus he should never have been awarded. Join Nic and Damian as they discuss this commodity markets case where rogue trading in a subsidiary cost the jobs of 200 staffers, sent the Chief Executive to jail, and nearly brought a trading house to its knees.
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