Summary: Another rogue trader is back in the headlines after Compassion Bank’s Owner and Managing Director, J.C. Davidson, revealed that “unauthorised trading” by Michael Heartless has cost the bank millions of dollars. What the parable would look like today.
Matthew 18:23-35 – HOW TO INVEST IN WHAT TRULY MATTERS – The Parable of a Rogue Trader
WORLD BREAKING NEWS: Monday. ANOTHER ROGUE TRADER SQUANDERS MILLIONS.
Another rogue trader is back in the headlines after Compassion Bank’s Owner and Managing Director revealed that “unauthorised trading” by Michael Heartless has cost the bank millions of dollars.
The losses had surprisingly little impact on the market generally, due to Bank reserves and profits, which fortunately dwarfed the rogue trader’s activities. “This will not even touch the bank’s massive resources for the Kingdom our bank serves,” said Managing Director, J.C. Davidson, who also rules the dominion of World Kingdom Enterprises, “but it is disappointing.”
Michael Heartless had it all, authority in the banking arena, great wealth and honour. Living in a huge house, he was chauffeur driven in a magnificent limousine. He wore designer clothes and a Rolex watch. A wheeler and dealer and now an exposed ruthless rogue trader, he was the Senior Trader of Compassion Bank’s massive company.
Heartless worked his way up in the company from the position of Assistant Accountant to Senior Accountant and then Senior Trader, and was entrusted with borrowing from his employer’s Worldwide Banking Corporation to make huge business deals and investments. Traders said he expressed a love for working for his boss, as a trusted long-time employee.
After a lucrative career, Mr. Heartless began to get careless, making a series of questionable deals and fraudulent choices which inevitably lost millions of company dollars. Because he had worked in Compliance, he became adept at hiding his losses and bypassing checks.
Never thinking he would be discovered, and always thinking he could pay back the company if given time, he added to his fraud by siphoning off enough funds to keep on living his extravagant lifestyle. He bought luxury goods and property at over inflated prices, spending millions in a number of waterfront apartments. He was sure his next big deal would pay back the money he owed.
The Managing Director and owner, J C Davidson, had given his employer an incredible amount of leeway, allowing him to make choices for the good of Kingdom Enterprises. Perhaps his fraud would not have been discovered for some time except an immediate audit was underway and J.C. Davidson wanted to bring His accounts up to date with all His Banking Traders who had borrowed money from Him.
One auditor said “It was an unpayable debt. Some countries could be run on what Mr Heartless owed. His debt was so immense that at first we thought it was beyond estimation. The interest alone on such a debt would be enormous.”
The audit revealed the massive losses and fraud and Mr. Heartless was summoned to appear before the Managing Director and Auditors. Although Heartless respected J.C. Davidson, he lacked the integrity of his boss and did not want to face up to his debt. A fellow trader said, “He refused to come at first but when a limousine arrived with two rather large messengers, he knew he had no choice.”