Rogue trader to cost SocGen $7bn

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

  1. It is kinda funny that uncle ben got faded by the frogs...
     
    #11     Jan 24, 2008
  2. All I have to say is LOL
     
    #12     Jan 24, 2008
  3. Any details on his trading? On the news they mentioned futures, but gave no other info. Maybe it's too early for the full story.

    Must have been currency futures.
     
    #13     Jan 24, 2008
  4. The guy looks like a born criminal.

    [​IMG]
     
    #14     Jan 24, 2008
  5. MKTrader

    MKTrader


  6. Yahoo news just had a story and they mention DAX futures.
     
    #16     Jan 24, 2008
  7. jasonjm

    jasonjm

    well, why would this be a big deal in any way?

    you guys do realize there were counterparties to that 7 billion loss in futures

    someone made 7 billion too?

    zero sum so why would this have had any effect on anything basically?

    stupid story in every possible way
     
    #17     Jan 24, 2008
  8. "Though Société Générale says it first learned of what it termed "massive fraudulent directional positions" last Saturday, it waited until it could close out those trades before going public with the problem. Winding down the trades, the bank said, resulted in a €4.9 billion charge, making it potentially the largest loss ever from an alleged rogue trader."

    I love that "massive fraudelent directional positions". I'll have two please.



    http://online.wsj.com/article/SB120115814649013033.html?mod=rss_whats_news_us_business
     
    #18     Jan 24, 2008
  9. RL8093

    RL8093

    Interesting that he was up big at some point but never felt the need to cover. Since he apparently wasn't trying to profit personally, it makes me wonder what motivated him...? :confused:
     
    #19     Jan 24, 2008
  10. Wow,

    I didn't think anybody traded like me!

    Like, I almost feel bad... nah.

    T_182 :p
     
    #20     Jan 24, 2008