What Chuck Does

These supposedly sophisticated suits — there isn’t a commodity trader on the floor who would do what they did. Every trader knows it isn’t what you make, it’s what you don’t lose,

I am appalled that major financial institutions that are theoretically advising other investors and institutions on what to do to be financially stable would put themselves at such enormous risk by leveraging anywhere from 30 to 35 times. They went out on a limb without even knowing it was a twig.

— Lenny Pomerantz, veteran Chicago trader on the Lehman bankruptcy