let's sue Societe Generale for market manipulation

let me tell you something, if you know about how banks trading desks are set up - trading, mid-off and daily trade breaks, you'd know this is the biggest bullshit u've ever heard. what I'm really surprised about is how nobody is pushing for an independent review of what actually happend. if you think anyone in a bank can utilise a risk position without someone's knowledge for millions post nick days, (never mind billions) u've never worked in a bank. TRUST ME there are no systems tricks. capital is capital, and counterparties settle trades with cash not paper.

if you ask me I have a very skeptic view of CDO write downs, SG coming with the same excuse would just be taking the piss. I feel it relates to something very different.
 
everyone knows this is bs, there is no way no one knew what this guy was doing. he is the proverbial scapegoat, my point is, what is it with all the moonbats and "lets sue" idiots on this board? were in a bear mkt, if you only know how to buy and pray, you are going to lose money, plain and simple.
 
So instead of saying "Hey guys we wrote down $7bln of bad debt" - like all of their US and Swiss competitors - Societe Generale devises a plot saying they lost the money due to a huge hole in their risk management instead. Like if that would make them look better and more professional.

Are you guys delusional?

If this was debt related they would say so and look a lot better doing so.
 
Quote from makloda:

So instead of saying "Hey guys we wrote down $7bln of bad debt" - like all of their US and Swiss competitors - Societe Generale devises a plot saying they lost the money due to a huge hole in their risk management instead. Like if that would make them look better and more professional.

Are you guys delusional?

If this was debt related they would say so and look a lot better doing so.
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who said it was bad debt?

in any case, where the original bad debts really all bad debts?

who was on the other side of all these trades?

a brick is a brick. u can price it up down as much as u like. reposses it. and it's still a brick.

the only thing that happend in the REAL world over the past 12 months is alot of poor people lost their homes. legally.
 
Quote from Alexandre:

ok, they lost more than $7bn because of a rogue trader,
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they lost $7bn because of there idiotic liquidation of the position
 
Nothing about this story makes any sense. I think everyone that has read it agrees that it smells like bad fish. Even if it were true what was the management thinking? Did some manager just happen to realize that they were losing billions of dollars and then crapped himself and instantly liquidated the position en masse? How does a single trader with no bonus get access to billions of dollars without the bank noticing this? Damn! Now I want to go work for SG so I can blow a few billion and call it a day. :D

Edit: this sounds like a job opening for stock trader. Always bullish all the time! JK
 
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