Rogue trader to cost SocGen $7bn

Any details on his trading? On the news they mentioned futures, but gave no other info. Maybe it's too early for the full story.

Must have been currency futures.
 
The guy looks like a born criminal.

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Quote from forex-forex:

Any details on his trading? On the news they mentioned futures, but gave no other info. Maybe it's too early for the full story.

Must have been currency futures.
More...


Yahoo news just had a story and they mention DAX futures.
 
well, why would this be a big deal in any way?

you guys do realize there were counterparties to that 7 billion loss in futures

someone made 7 billion too?

zero sum so why would this have had any effect on anything basically?

stupid story in every possible way
 
"Though Société Générale says it first learned of what it termed "massive fraudulent directional positions" last Saturday, it waited until it could close out those trades before going public with the problem. Winding down the trades, the bank said, resulted in a €4.9 billion charge, making it potentially the largest loss ever from an alleged rogue trader."

I love that "massive fraudelent directional positions". I'll have two please.



http://online.wsj.com/article/SB120115814649013033.html?mod=rss_whats_news_us_business
 
By the end of December, he was ``massively in the money,'' said Collas. Since the beginning of the year his trades became unprofitable.
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Interesting that he was up big at some point but never felt the need to cover. Since he apparently wasn't trying to profit personally, it makes me wonder what motivated him...? :confused:
 
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