Haga

"Fredriksen proposed a speculation in Italian lira against Japanese yen. He had 55 million dollars in his account, and if these were maximally loaned through various interest rate instruments, he could bet 700 million dollars, about five billion kroner. With such stakes at the gaming table, it doesn't take many percentage movements in the exchange rates before there are large profits. "We can earn everything we need if it goes well," Fredriksen said to Haga. He did not carry out his kamikaze plan, but the independent shipowner increased his wild speculation, also in Italian lire. Fredriksen had over two billion kroner in the currency market. Unfortunately, his luck ran out. After a short time, the unrealized loss was 6-7 million dollars, as large as the total gain from earlier trading. But Fredriksen did not want to accept the loss, he remained seated. He has always hated taking losses, a dangerous trait in such markets. The situation was suddenly reversed; he risked draining his faltering shipping business further to cover currency losses. "What shall we do? Have to sell another boat," Fredriksen said to Haga in the middle of February. Haga noted that Fred"

"Absolutely terrible, just have to find a pattern again," he told. And the pressure began to be noticeable. – "I don’t sleep when it’s like this. Just can’t give up," he said to Haga. The day after, they had a long conversation about the way forward. Fredriksen did not want to do anything rash, he would reflect on it. It was important to maintain the credit limits with the currency brokers, so that he could win back what was lost. And the banks had to be kept at bay."