Worst Trader Ever Is All, ‘NBD’ After Losing $7 Million, Screwing Up Market


For reasons we don’t entirely understand, Daniel Shak’s $10 million hedge fund was allowed to amass $850 million in gold contracts. When the market started to go down, he got out, but it came at a cost: When he liquidated his position, it messed up the Comex, caused a panic in the markets, and left Shak $7 million in the red — he even had to put his $7.5 million Manhattan apartment up for sale. But, no skin off his nose. “This is not career ending,” he said. “I’m not stopping trading.” Also, on the bright side, he is apparently friendly with Don Cheadle. [WSJ]