Maybe - read the NYT piece this morning and forget about the loss at the end for the time being.
Instead look at the trades last fall - up 2B? They either missed the stunning performance or knew it - I cant tell which.
Rogue trader to cost SocGen $7bn
- Thread starter bigbiscuit
- Start date
Maybe - read the NYT piece this morning and forget about the loss at the end for the time being.
Instead look at the trades last fall - up 2B? They either missed the stunning performance or knew it - I cant tell which.
You are right DONT, management needs to burden their responsibility of very inadequate management and lacking internal controls.
Any bank that allows these 'so called' sized bets to be able to be exercuted in the first place is not a well run company. Get rid of Socgen's management, auditors and internal risk experts.
Any bank that allows these 'so called' sized bets to be able to be exercuted in the first place is not a well run company. Get rid of Socgen's management, auditors and internal risk experts.
1 Soc Gen knew the position Friday night (and others on the desk)
2 Soc Gen HAD to unwind across all major EUR Indexes Monday
3 Asia sold off Hard Sunday night on a coming US Holiday !! WTF !
4 US Globex indexes went Limit down out of hours ! WTF !
5 Fed Emergency 75 bps cut
- earler then planned for sure but Fed Cut because or Jerome !
- some folk knew about the fourthcoming unwinding for sure at socgen, acting via spreadbet firms here in the U.K.
- same as Leeson and his Nikkei punt, Barings considered it for 24 hrs , and then only acted meanwhile the pit hammered his Nikkei positions, they all fokkin knew in the pit there was a massive naked net long out there. his losses went 10 fold south as barings considered what to do !
same old same old
2 Soc Gen HAD to unwind across all major EUR Indexes Monday
3 Asia sold off Hard Sunday night on a coming US Holiday !! WTF !
4 US Globex indexes went Limit down out of hours ! WTF !
5 Fed Emergency 75 bps cut
- earler then planned for sure but Fed Cut because or Jerome !
- some folk knew about the fourthcoming unwinding for sure at socgen, acting via spreadbet firms here in the U.K.
- same as Leeson and his Nikkei punt, Barings considered it for 24 hrs , and then only acted meanwhile the pit hammered his Nikkei positions, they all fokkin knew in the pit there was a massive naked net long out there. his losses went 10 fold south as barings considered what to do !
same old same old
there's no way a sudden surge in cfd spreadbetting or other equivalent vehicle would not raise the volume of the dax fut trading on the eurex. all bets in alternative markets are always hedged against in the most liquid and inexpensive "primary" market.
if you're talking about some follows shorting 10-100 lots then i agree that might have happened. but i dont see any action pertaining to massive insider information in pre-market based on eurex activity.
i am attaching the chart once again.