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Missing decimal point

November 6, 2012 - Harry Eagar
I wouldn't think a currency trader who misses decimal points is worth anything in the job market.

A London court sort of agrees. From Bloomberg News:

"In another decision, a trader in March lost his case against JPMorgan after a missing decimal point in his employment contract led him to believe his salary would be 10 times what was offered. Kai Herbert, an unemployed currency trader, stood to win 580,000 pounds if successful.

"Herbert 'took the commercial risk of accepting the offer, knowing full well that the figure was an error,' Judge Henry Globe said in his March judgment. He accused Herbert of 'gross exaggeration,' and ordered him to pay 85,000 pounds in costs."

Now you understand why employers want to adopt loser-pays in American tort cases. 99% of Americans would be foreclosed from filing a tort claim. Ever. For anything.

The commie Claud Cockburn in "The Week" (possibly the world's first "alternative weekly" paper) showed how the loser-pays and beggar-the-poor tactics were used in England to safeguard dishonest mortgage lenders from civil justice. And that was in the 1930s.

 
 

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