Rogue trader, Revelations from LeMonde page 1

[sprstpd]

Quote from sumosam:

How could that money turn around and cost the company so much as a drawdown?

I think he had a big position on that was initially a winner but then turned into a loser.

 

[jw2008]

anybody read that his brother was a trader at bnp and was let go for questionable trades as well?

 

[subban]

Quote from MandelbrotSet:

The link is fine.

Your computer is garbage and probably already had a ton of spyware on it from all the porn sites you browse while pretending to be a trader.

Yes, I can't help it your mother is too popular.

 

[brokerboy]

http://www.elitetrader.com/vb/showthread.php?s=&threadid=115233

Do these 2 guys know each other?

 

[nonam]

How to screw up world stockmarkets: The management of Societe Generale SA, France's second-largest bank, appears dumber by the day. Not only did they not find their trader -- he'd been at it since 2005 -- not only did they not find bets totaling more than the bank's entire worth, but they panicked like the dumbest of dumb investors. They handed all Kerviel's positions to one trader who unwound all the positions in one day of massive selling. As word got around about the massive unwinding, everyone and his uncle stepped back and let the idiot sell at what became distress prices, thereby tripling Kerviel's paper losses and exposing Societe Generale's management for the idiots they were.:eek:

 

[sumosam]

They deserve to loose the money. Wonder if they will receive a government bail-out?

 

[Hook N. Sinker]

Quote from momoNY:

[BSince beginning of April, P. B. and M. R were informed by email by the accounting department (…). The only thing they asked me was to find a way to put things in order (following the rules). They don’t intervene. The other warnings they received later did not make them react either, that means it did suit them. At the beginning as well at the end of my maneuvers, they did not want to intervene. We, them and me, were doing the same job. They know all the cogs. [/B]

I wonder if the French police are investigating Jéróme Kerviel's management to learn to what extent management knew and approved of Mr. Kerviel's trading activities.

 

[dont]

Quote from nonam:

They handed all Kerviel's positions to one trader who unwound all the positions in one day of massive selling. As word got around about the massive unwinding, everyone and his uncle stepped back and let the idiot sell at what became distress prices, thereby tripling Kerviel's paper losses and exposing Societe Generale's management for the idiots they were.:eek:

It was three days, but basically you are exactly right. They should be hung drawn and quartered for the fools they are.

 

[trading1]

quote:

I was less regarded than the others because of my college education, professional and personal backgrounds.

--

In the management, there's probably a lot of snob values associated with trading in Paris, "who you know not what you know", in other words they might not be doing their job properly.

 

[hsmc1970]

Quote from trading1:

quote:

I was less regarded than the others because of my college education, professional and personal backgrounds.

--

In the management, there's probably a lot of snob values associated with trading in Paris, "who you know not what you know", in other words they might not be doing their job properly.

I trade here in Paris most of what I see here is French society is very hierarchical a lot depends on your Diploma or masters and what school you went to.