Kerviel accidentally made some profits in 2007 after waiting with huge underwater positions for months and being saved by subprime meltdown #1. The guy traded like a newbie from day 1 taking small gains and never cutting losses. No superior on a trade desk would let that happen, especially since it was supposed to be an arbitrage desk, and not an outright -average down-marry your position for months desk....
If I trade futures, and I lose $6 billion, doesnt that mean someone took the other side of my trade? Like an offshore syndicate....?
I'm pretty sure I put him on ignore after his 4th or 5th post. What's taking the rest of you guys so long? Half of ET probably has him on ignore by now.
Is it not obvious to people by now that these glorified trading desks are mostly hype? They all do that, take big risks and shoot for the stars. It's not their money, after all, and most of the time they have exclusive edges. I remember when the story first came out and Kerviel made his statement. It's not a clear black & white situation, the supervisor was partially aware of what was going on. As long as there were profits, he was cool. The second there were unrecoverable losses, he acted like the trader was defrauding the bank.
That's right, but his boss mustn't have known his sizes and his "techniques", otherwise he would have pulled the plug.
Of course there is such a thing as... Escape goat: The weight carrier mammal that saves your ass when you get too tired hiking... Escape Goats is now booking 2009 tours. Call and reserve your space or dates for custom trips. Want to go fly fishing while on a Boulder Mountain Pack Tour? Give us a call and we can set up a great package tour for you. All food, gear and guides included. Recent News Escape Goats is a permitted outfitter/guide and shuttle service for the Escalante Grand-Staircase National Monument, Glen Canyon National Recreation Area and the Dixie National Forest. We are located about 50 minutes from Bryce Canyon in Escalante. We offer a variety of day and evening hikes, backpack tours, photo tours and catered pack trips with our friendly porters, the pack goats. Escape Goats PO Box 532 Escalante, Utah 84726 435-826-4652 For extra credit: "Having pack goats can be a very rewarding experience. Goats are easy to care for and if raised right they are extremely affectionate. You donât need fancy equipment or a large piece of land to keep your goat happy. A safe pen with clean food, shelter a few play toys and a buddy will make your goat a happy one. Goats are social animals and will look forward to time spent with their "humans". They enjoy going for walks and hikes with people and can go just about anywhere you can hike. So why not let them carry your things as you travel down the trail. Goats take to packing your belongings easily and make a great trail companion."