But my best guess is that someone on that risk free arbitrage desk moved from risk free pure arbitrage into very definitely not risk free time arbitrage, or speculation as we should call it, then the market moved against his bet.

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The reports went to each trading desk across the globe and once a week on closed circuit tv the GS risk managers decided what risks needed to be lowered.

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Analysts questioned the firm's risk management during the Wednesday conference call, especially regarding the incident on the credit desk in London.

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The particles are large enough that the risk of contracting polio in the air is momentary, and on a surface like a desk or a chair, it can last an hour or two.

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