Citadel Head Bond Trader (And TBAC Member) “Leaves” After Losing $1 Billion

Citadel Head Bond Trader (And TBAC Member) “Leaves” After Losing $1 Billion (ZeroHedge, April 16, 2015):

It is almost too coincidental to be a coincidence: on the day Ben Bernanke, who until a year ago was the biggest fixed income portfolio manager in the world courtesy of the Fed’s $4.5 trillion in assets, joins Citadel as an advisor, the massively levered “market-neutral” hedge fund which as we showed earlier has $176 billion in regulatory assets, “loses” its global head of fixed income, senior managing director Derek Kaufman. Well not exactly loses. The reason for his “voluntary” departure: according to Bloomberg Kaufman is leaving Citadel not because he is about to be replaced by the former Fed chairman but because last year he lost $1 billion “in a variety of trades.”

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