Rogue trader to cost SocGen $7bn

Discussion in 'Wall St. News' started by bigbiscuit, Jan 24, 2008.

  1. Nick Leeson's apprentice....
  2. the best part of this story-

    Analysts said SocGen's unwinding of the massive rogue positions on Monday would have contributed to the violent slump in share prices and may therefore have played a part in the shock decision by the US Federal Reserve to slash American interest rates.

    "There's a very strong link between the equity futures market and the cash equities market," said one equity strategist at a major bank. "It may have influenced Fed thinking."

    This is like reading a fiction novel, classic shit!! Uncle cracker lowers rates not knowing what was happening in Europe. What a douchebag!!
  3. Unbelievable. Literally.

    How could this Leeson Redux be even remotely possible?
  4. think about this guy next time you are in a losing position....:D wow...this guy must have lost 50 pounds and not had one nights rests during this excruciating now he is going to 140k a year i would have just rather got fired to be honest...peace
  5. It completely astonishes the mind when you think that Uncle Ben could have made that decision based on this kinda of incident. Honestly, I consider myself rather intelligent, but I do not possess the brain power to contemplate what this could mean.

    I guess this shuts up the Euro Zone pollies who were saying "This is all the US's fault. It's their problem, they should offer a solution."

    Hahah....right after they got done saying that, they're forced to eat crow.
  6. Well, now we know why they didn't want to lower rates over there, they knew it was a problem of a single institution being worked through.

    There goes the chance of another rate cut on Wednesday in my opinion.
  7. Normally I would agree with you. But Ben is so fucked up that he'll probably cut it anyway.
  8. "You're fired!!!!"

    Trump, watch out.

    This fall, on NBC. Nick Leeson's "The Apprentice".

    Watch as 26 year old apprentice traders bring the biggest investment houses in the world to their knees with their madcap fat fingered antics.

    These boys are as dangerous as Chinese Dog Food. 8pm Thursdays, NBC
    #10     Jan 24, 2008