SocGen trader loses $4.9bil in vanilla stock futures

Quote from Lon Eagle:

Absolute class!

And they choose to liquidate on a US holiday thus forcing markets to tank and the Fed into an emergaency 75bp cut.

That is some achievement.
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We surrender!
:p
 
i think he'll do fine in jail. the inmates will be so scared of him. look at that face, man....


really... he's even pissed in the photo... i wouldn't trust this guy with my money. :)
 
I have the slight suspicion he's just a fall guy. I find very hard to swallow this story about someone going long with nothing to gain from it.
 
Quote from buzzy2:

I have the slight suspicion he's just a fall guy. I find very hard to swallow this story about someone going long with nothing to gain from it.
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I agree that this story is fkd up any way you look at it.
 
Where is the Risk Control?

The major banks and brokerages constantly harps on how they have improved risk control over time. Once again this appears to be a fantasy! :mad:
 
Quote from canuckrookie:

I agree that this story is fkd up any way you look at it.
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Agreed.
All this on a day when they also announce a $3 Billion dollar write-down on subprime.

Hmmmmmm....
 
Quote from Surfeur:

lol really ? :D
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Yes, that's him - unless my friend is pulling my leg. My friend works as a Quantitative Portfolio Manager at another French Bank and he sent me that pic (it's part 1 of an e-business card) saying "that's the dude who burned 5 billion".

How did my friend have his card? He did a futures trade just last week with the dude who lost 5 billion. I guess my friend got the upper hand on that one!!! :D
 
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