Andy Krieger, a 32-year-old currency trader at Bankers Trust was carefully watching the currencies that were rallying against the dollar following the Black Monday crash in 1987. Investors and companies rushed out of the American dollar and bought other currencies that had suffered less damage in the market crash. Some currencies became overvalued due to that, creating a good opportunity for arbitrage. The currency Krieger targeted was the New Zeland dollar, also known as the kiwi. Using the relatively new techniques afforded by options, Krieger took up a short position against the kiwi worth hundreds of millions of dollars. In fact, his sell orders exceeded the money supply of New Zeland. The kiwi dropped sharply due to the selling pressure combined with the lack of currency in circulation. It was varying between a 3 and 5% loss while Krieger made millions for his employers.