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.
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
"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 â¬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
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...?