let's sue Societe Generale for market manipulation

Discussion in 'Trading' started by Alexandre, Jan 24, 2008.

  1. ok, they lost more than $7bn because of a rogue trader, but don't feel sorry for them.

    don't you think it would make sense to sue Societe Generale for market manipulation?

    the facts are: Societe Generale accumulated a humongous long position through futures on the Dax and Eurostoxx through their rogue trader.

    Societe Generale became aware of this "fraud" last week and decided to liquidate these longs on monday and tuesday.

    So, in the first place, they pushed markets higher and then, pushed them lower through liquidation.

    Fine, one may say Societe Generale was victim of a fraud, but it's an internal fraud. It therefore doesn't mean Societe Generale is not responsible for collateral damage it has caused.

    It's like involuntary homicide, it's still an homicide.

    I suggest people start thinking about suing Societe Generale.

    What do you think?
  2. Then sue the Fed and PPT (if there is such a thing) for "stabilizing" the markets afterwards. This probably threw things off just as much...
  3. Sue somebody for taking a loss on their position? What are you smoking.
  4. ml77


    do you remember the time in December when the Dax was hitting new highs while the US markets were much lower. I thought it was weird because the US markets usually lead but maybe it was him buying the breakout (around 8200) !!

    But I agree with you, I didn't trade the dax this week but it's totally insane to liquidate huge positions at once. Some people can have lost a lot. That doesn't respect the rule of free markets (no player is large enough to influence the market).
  5. solution:don`t buy that bullshit story from SG...........because that`s what it was.
  6. possibly sue them for market manipulation resulting in market disruption and gross negligence for liquidating on a day "deemed" illiquid due to US markets being closed.

    the loss is Societe Generale's problem and not the reason one would sue them.

    There could be an enquiry from the various exchanges into the impact of Societe Generale's actions and reactions.
  7. Personally, I want to thank this trader.....he did the best he could, and I hope, and look forward to more traders at other firms making similar bets in the near future.
  8. wtf is this place turning in to? fucking moonbats and litigation whores...you folks are not cut out for this business, get a new job and leave this profession immediately, or just stop posting here, that would be a nice start.
  9. you must be working for societe generale, suit you :D
  10. Why don't we just sue the estate of Martin Luther King Jr?

    Can I sue you for whining?
    #10     Jan 24, 2008