SocGen trader loses $4.9bil in vanilla stock futures

[Landis82]

Quote from Physicsman:

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!!!

He kind of looks like "Bud" in the movie Wall Street.

 

[dont]

Have to laugh, they have all these PhD's etc etc in risk management and this guy, super genius screws them for 5 billion.

And wait for it. He makes nothing from it

 

[LessOnLeeson]

Eventually this story will turn out to be a fancy cover-up for their sub-prime losses.

 

[atticus]

Not if Mr. Kerviel ends up dead!

 

[makloda]

Ah so this is all a conspiracy and a coverup?!!? What about Neeson and Hunter? They were a coverup too? LMAO

 

[RedDuke]

The picture posted earler is a true one. Just saw the face on marketwatch.com

 

[eagle]

This is largely the bank's false beside the trader's false. There is obviously a flaw in the bank's management process to allow a simple trader to lose in theory a very bigger stake like this one. While the Brokers, they have an efficient process to limit their lost resulting from the margin account of their clients.

 

[pumpanddumper]

Man, I'm sick of this story. That dude will be found dead soon.

 

[man]

do i recall correctly that LTCM was "just" 4bn? my goodness, we
live in a world where a single trader in a second tier trading
position can shake the world wide economy.

and you probably heard the story that it was two prop traders
that kept goldman from going the same route as all the other big
banks.

if you think that terrorism is the biggest threat you might need
to reconsider.