习题：
　　Exercise:
　　Over a decade ago, Yasuo Hamanaka, the lead copper trader for Sumitomo, attempted to corner the copper market in a classic market manipulation strategy. Such lack of supervision over his trading activities resulted from poor internal controls. Because of that lack of supervision, which of the following series of transactions was he able to engage in that ultimately resulted in a $2.6 billion trading loss for Sumitomo?
　　A.      Long physical copper, short futures contracts, bought put options.
　　B.      Short physical copper, long futures contracts, sold put options.
　　C.      Long physical copper, long futures contracts, sold put options.
　　D.      Short physical copper, short futures contracts, bought put options.
　　解析：
　　Answer: C
　　Explanation: Hamanaka established a dominant long position in futures contracts and simultaneously purchased large quantities of physical copper. As well, to help finance his long copper positions, he even sold put options on copper.
　　知识点：
　　Financial Disasters – Allied Irish Bank, Sumitomo and UBS
　　Allied Irish Bank: currency trader, John Rusnak, hid $691 million in losses; Rusnak bullied back-office workers into not following-up on trade confirmations for fake trades.
　　Sumitomo: trader attempted to corner the copper market by buying large quantities of physical copper and long futures positions; Copper prices plunged, causing huge losses; Lesson is the lack of operational and risk controls that allowed this scheme to go undetected.
　　UBS: largely tied to the failure of LTCM. UBS’s exposure to LTCM involved a 40% direct investment in the hedge fund and a 60% exposure to written options on the fund. LTCM’s lack of transparency made it difficult for UBS to fully understand the nature of its positions. It was believed that UBS failed to properly analyze and stress test its position.
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