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Financial crisis
Signs of the timesPosted by Jeremy Goldkorn on Thursday, November 27, 2008 at 8:07 AM
From AP:
And this item from AFP:
Wasn't the whole point of hedging to protect against losses? |
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Comments on Signs of the times
With regard to fuel hedging, yes the purpose was to limit losses. But if when oil was on the way up you bought a bunch of hedges to lock in fuel purchases at an assumed price of $100 per barrel, you're screwed now. There's always an implicit bet in a hedge. No one though oil was going to collapse back to $50.
I don't get it. Company was oriented on export. Crisis struck USA. Company couldn't sell enough to keep up. It is very normal.
@mile "About the same time, Tao and his wife, Yan Qi, disappeared after allegedly burning the company's accounting records," and probably took all the money they could get their hands on and tried to skip town on their creditors. this is usually frowned upon.
Sadly, Mr Tao's action was very normal. According to the 'Economist' article linked above, most insolvent Chinese firms wind down with criminal (rather than bankruptcy) proceedings, or a bailout.