ES Journal Archive (2006 - 2008)

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Quote from gwac:

Agree

But when Socgen dumped the eqivalent of 40 billion dollars in a weak market. Things got a lot uglier than they would have. Would the fed have gone .75 ?
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Someone was saying the market was close to limit down, I am not sure about that. Its just that SocGen also announced a huge writedown at the same time, seems the rogue was a bit of a decoy but what do I know. I have met some bankers that well....
that's all I will say. :)
 
looks like the low tick on march es was $1255.50 on 1/22/2008. But most of the drop was on the holiday. Nothing like a big bowl of drawdown over a holiday weekend, fun.
 
re; Soc Gen.....how does a salaried trader of 100K a yr even have access/risk of 7bill........for starters,compliance would`ve been all over it & not even reaching 1mill deficet......risk control is paramount in banks as capital is their oxygen & lifelines.
the list of inconsistencies are evident from cash/paper settlemet right up to when the event took place on an extended US weekend/Mon closing when we were on auto pilot with equities closed & futs open.
 
Quote from Spooz Top:

re; Soc Gen.....how does a salaried trader of 100K a yr even have access/risk of 7bill........for starters,compliance would`ve been all over it & not even reaching 1mill deficet......risk control is paramount in banks as capital is their oxygen & lifelines.
the list of inconsistencies are evident from cash/paper settlemet right up to when the event took place on an extended US weekend/Mon closing when we were on auto pilot with equities closed & futs open.
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They are saying he knew backoffice inside out and set up false accounts etc
 
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