How to screw up world stockmarkets: The management of Societe Generale SA, France's second-largest bank, appears dumber by the day. Not only did they not find their trader -- he'd been at it since 2005 -- not only did they not find bets totaling more than the bank's entire worth, but they panicked like the dumbest of dumb investors. They handed all Kerviel's positions to one trader who unwound all the positions in one day of massive selling. As word got around about the massive unwinding, everyone and his uncle stepped back and let the idiot sell at what became distress prices, thereby tripling Kerviel's paper losses and exposing Societe Generale's management for the idiots they were.:eek:
I wonder if the French police are investigating Jéróme Kerviel's management to learn to what extent management knew and approved of Mr. Kerviel's trading activities.
It was three days, but basically you are exactly right. They should be hung drawn and quartered for the fools they are.
quote: I was less regarded than the others because of my college education, professional and personal backgrounds. -- In the management, there's probably a lot of snob values associated with trading in Paris, "who you know not what you know", in other words they might not be doing their job properly.
I trade here in Paris most of what I see here is French society is very hierarchical a lot depends on your Diploma or masters and what school you went to.