Howard Rubin hired after Merrill Lynch Mortgage Securites loss on unauthorized trades
Ousted Merrill Trader Hired
E-MAIL
PRINT
REPRINTS
SAVE
SHARE
Published: November 4, 1987
LEAD: Bear, Stearns & Company said yesterday that it had hired Howard A. Rubin, the mortgage securities trader who was dismissed by Merrill Lynch & Company earlier this year after Merrill experienced a $377 million trading loss.
Bear, Stearns & Company said yesterday that it had hired Howard A. Rubin, the mortgage securities trader who was dismissed by Merrill Lynch & Company earlier this year after Merrill experienced a $377 million trading loss.
Mr. Rubin, 36 years old, was head of Merrill's mortgage securities trading desk until the record loss was discovered last March. Merrill officials had accused Mr. Rubin of contributing to the losses by making unauthorized trades.
After the losses, Merrill reorganized all of its trading operations to try to put in place greater controls over the risks its traders were taking.
John Sites, the managing director of Bear, Stearns's mortgage securities division, confirmed yesterday that Mr. Rubin would be working as one of 14 mortgage securities traders at his firm, several rungs down from his previous job.
Mr. Sites would say only that Mr. Rubin had met all Bear, Stearns's requirements before being offered a job, but his formal hiring indicated that he would probably not be sued by Merrill Lynch for the earlier losses, as Merrill had said it was considering.
Mr. Sites said he did not know when Mr. Rubin would begin work.
Votes:4
Comments: 0