Not a surprise

http://www.reuters.com/article/2007/11/01/oukin-uk-hedgefunds-sykes-idUKN3131839020071101

In the history of markets, this type of high blyer, supposedly star, big volume traders blowing up happens on a frequent basis.

The saying goes "you are only as good as your last trade" is very apt. As Jesse Livermore says, as long as there are markets and the emotions of fear and greed prevail, nothing will change in the markets.

(Chapter I) … “Another lesson I learned early is that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market to-day has happened before and will happen again. I’ve never forgotten that.”