Noble Americas Corp failed and it’s wonderful because we like to see awfully bad people fail.
For the records they were given a blank card and what they did with it was roulette “double the stakes or quit” losing million dollars in negative cash flows per day* depending on how you read Noble’s torture of its operating income from supply chain and non-cash mark-to-market unrealised observable positions or its (bogus) physical turnover.
STAMFORD — Commodities trader Noble Group, which has offices at 107 Elm St. in Stamford, Conn., plans to lay off 84 Stamford-based employees by Dec. 31, 2017.
The layoff notice was received last Friday by the state Department of Labor. Affected positions at Noble Americas Corp.’s downtown offices, at 107 Elm St., include accountants, analysts, managers, senior vice presidents and traders. The cuts are scheduled to be made by Dec. 31.
If you want to know the real story of Noble Group, it is pretty simple : in trading A 3rd or a 2nd won’t make it. It’s not enough. Vitol doesn’t re-hire thirds-traders or failed VPs. (Got to get everything right and 10/10), or the market will grind you down to the ground, it will.
Noble Americas Corp failed and it’s wonderful.