Rogue trader to cost SocGen $7bn |
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Rogue trader to cost SocGen $7bn |
 Jan 25 2008, 01:01 PM
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 Venting Addict  Group: Members Posts: 612 Joined: 21-September 07 From: 1AU from a G2V Star Member No.: 81  |
QUOTE French bank Societe Generale says it has uncovered "massive" fraud by a Paris-based trader which resulted in a loss of 4.9bn euros ($7.1bn; £3.7bn). The bank said the fraud was based on simple transactions, but concealed by "sophisticated and varied techniques". http://news.bbc.co.uk/2/hi/business/7206270.stm  Is Impressed -------------------- "Not everything that counts can be counted, and not everything that can be counted counts." "Whoever fights monsters should see to it that in the process he does not become a monster"    |
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 Jan 25 2008, 05:01 PM
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 Who's your Daddy? Group: Moderator Posts: 2,159 Joined: 13-August 07 From: Tampa Bay Area, Florida, USA Member No.: 11 |
"Massive" fraud in France?
I'm shocked! -------------------- I know you think you understand what you thought I said, but I'm not sure you realize that what you heard is not what I meant!  |
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Jan 26 2008, 10:49 PM
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 Mods and Rockers Group: Moderator Posts: 1,241 Joined: 13-August 07 From: West of the Empire State Building Member No.: 16 |
When I read this the other day I was amazed. It brought several issues to mind.
My fave of the story... QUOTE The bank said that the trader had confessed to the fraud and was being dismissed. His managers were to leave the bank as well. DUH! take your 5 Billion,your chisely friends and go ?!. You're fired. That must hurt while they board an SST to the Cayman's to roll aroung in the money. What I was really watching after that was in the Commditiy markets the next 2 days Gold soared $35 (in 2days I repeat). I guess someone had an awful lot of positions to cover. That said, combined with the subprime credit scam,it sure boosts my great confidence in banking,especially online banking. |
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Jan 27 2008, 12:19 AM
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#4
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Venting Addict Group: Members Posts: 612 Joined: 21-September 07 From: 1AU from a G2V Star Member No.: 81 |
I'm thinking he's not going anywhere too soon hopefully
 QUOTE The trader thought to have cost one of France's biggest banks 4.9bn euros ($7.1bn; £3.7bn) is in police custody.
http://news.bbc.co.uk/2/hi/europe/7210889.stm -------------------- "Not everything that counts can be counted, and not everything that can be counted counts." "Whoever fights monsters should see to it that in the process he does not become a monster" |
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Jan 27 2008, 12:21 AM
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#5
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Venting Addict Group: Members Posts: 612 Joined: 21-September 07 From: 1AU from a G2V Star Member No.: 81 |
QUOTE (JohnWho @ Jan 25 2008, 05:01 PM)  "Massive" fraud in France? I'm shocked! 
-------------------- "Not everything that counts can be counted, and not everything that can be counted counts." "Whoever fights monsters should see to it that in the process he does not become a monster" |
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Jan 27 2008, 01:13 PM
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#6
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Mods and Rockers Group: Moderator Posts: 1,241 Joined: 13-August 07 From: West of the Empire State Building Member No.: 16 |
Thanks ffor the upadte no one, as I was really thinking one more option was traded.
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| Lo-Fi Version | Time is now: 5th December 2008 - 11:26 AM |
