Читать книгу Financial Cold War. A View of Sino-US Relations from the Financial Markets онлайн

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Ross flew to New York to find out what was happening. His bank sent him down to the vaults where the bond certificates were held. There, he was handed a tatty folder containing all his firm's settlement instructions. When he opened the file, hundreds of delivery instructions flew up in the air and fluttered to the floor. Schroder had simply cut up all the telexes and acted on the instructions to receive bonds but left the delivery strips in the folder. There were all the profits!

Ross put his head in his hands and moaned: ‘Oh my God. Oh my God’. Just then, he heard a voice behind him say: ‘Never mind, Stanley. I am here since [sic] six weeks and I've turned a $7 million debit into a $16 million credit’.ssss1 It was Wolfgang Kron of Deutsche Bank, a fellow trader who was there dealing with the same problem. The logjam in the settlement system was affecting most of the broker dealers across the market. US broker Weeden & Co. had to temporarily withdraw from the Eurobond market in 1969 after finding $50 million – around three times its entire capital – tied up in failed settlements.