Copy: https://archive.ph/BixFB
“Wu’s changes led to gains of $450 million in total for some Two Sigma funds—including those in which the firm’s own executives and employees invest, as well as those available to clients. But they also led to a total of $170 million in losses for other funds compared with how they otherwise would have fared—losses largely borne by clients. Two Sigma has made them whole.”
$450-$170 is not $620
Allegedly SEC is investigating and allegedly these trades might have been unauthorized and self-dealing, but the title here is misleading. The final outcome seems like a large net gain not a $620m loss like the title implies.
The real question is was this company trying to steal from its clients for the benefit of interested individuals? It’s not an issue about one rogue trader.