Ferrari-Loving Trader's $2.6 Billion Bet Backfires, Inflicting $250 Million in Losses on Wall Street Banks

Jan Ralph, a trader with a taste for Ferrari sports cars, made a massive bet of $2.6 billion on US Treasuries in February 2020. Despite warning signs, the bet backfired, inflicting losses of $250 million on banks like Citigroup and Goldman Sachs. Ralph's finance firm, Blackbrook Asset Management, collapsed on March 10, 2020. A London court is now scrutinizing Ralph's trading strategy, with potential liability for what his company owes the banks.