It wasn't clear whether Jett had been the mastermind behind this accounting glitch or if more senior management had been aware of the false profits, but these two facts were clear: (1) Kidder's accounting system had failed to disclose $350 million of losses from Strips trading, and (2) Jett, before he was fired, had been Kidder's head of Strips trading. It also appeared that some of the $350 million in losses had migrated to First Boston, where it accounted for at least a portion of the $50 million of Strips trading profits.

Source, FIASCO: Blood In the Water on Wall Street by Frank Partnoy

Context, Jett worked at Kidder and made kidder lose $350 million.

How can I interpret "migrated" here? What does it mean for the loss to migrate to First Boston?

Migrate (Merriam-Webster Learner's Dictionary):

1: to move from one country or place to live or work in another

2: of a bird or animal : to move from one area to another at different times of the year

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    A loss isn't something tangible – it is the lack of something. So it is not so much that the loss migrated in one direction, but that money or assets migrated in the opposite direction, probably in the form of false entries in an accounting system. The assets migrated. They (effectively) moved from one area to another. May 15, 2020 at 11:13

1 Answer 1


Figuratively and literally it means : to move from one place to another. It often suggest that we don't know the details of how the movement takes place, we only record that something has left one location, and appeared at another.

A "loss" means the record of losing money in an account. It seems that someone lost a lot of money, and tried to hide this fact by recording the losses in several different places. So the record of a loss of money was moved from the accounts of one business to the accounts of another business, probably fraudulently.

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