Hurricane Sandy hit the U.S. in October of 2012, after wreaking havoc on various islands in the Caribbean Ocean. Sandy inflicted roughly $68 billion in damage, making it the second costliest hurricane in history. Sandy worked its way up the east coast of the U.S., from Florida to Maine, inflicting damage from high winds, tornadoes and flooding along the way. Hurricane Sandy is particularly well known for destroying many New Jersey coastal communities and hitting New York City, causing extensive flooding and long term power outages.
Officially over in 2009, the Great Recession is generally considered to be the most distressing global economic crisis since the Great Depression. As a result of the recession, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at greater than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. The social effects of this economic hardship on a population accustomed to long periods of prosperity will continue to play out.
Libor (London Interbank Offered Rate) is a benchmark interest rate calculated through submissions of interest rates by major banks in London. Global banks use Libor as a base rate for setting interest rates on consumer and corporate loans.
The Libor scandal came to light when it was discovered that banks were falsely inflating/deflating their rates in order to profit from trades, or to make them appear more creditworthy than they were. Resulting from this scandal came the Financial Services Act 2012 which brings Libor under UK regulatory oversight, creates a criminal offence for knowingly making false/misleading statements relating to benchmark-setting.
Bitcoin originated as a singular alternative to diverse national currencies in a global world. It has no fixed value, high in volatility. The worth depends upon rate of circulation, tied to a type of supply and demand market similar to gold. Bitcoin, only a few years old, has gained rapid support for its ease of use. Expansion into Bitcoin accessories in the financial field have evolved, eg. comparion /data charts, and Bitcoin cards for loading. Acceptance of this coin continues to grow in an increasingly monolithic global economy.
The term rogue trader refers to an authorized trader of a firm (often a financial institution) who makes unauthorized trades on behalf of their employer. Rogue traders often trade in very risky investments which can create huge losses, but also large gains. This activity is generally considered to be in the grey area between civil and criminal illegality.
One of the most famous rogue traders is considered to be Nick Leeson, whose losses were sufficient to bankrupt Barings Bank in 1995 following his unauthorized investments in index futures. His story was explained in the 1999 feature film “Rogue Trader”.