SOC GEN Insider sales!!

Discussion in 'Trading' started by PAPA ROACH, Jan 28, 2008.

  1. This just keeps getting better!!!

    Have not read the story yet as there is only bullet points coming across my wire, but it looks like Mr. Day was just shelling out tons of shares before the shit hit the fan.

    Just about confirms my conspiracy that there was NO WAY IN HELL that the bank was not aware of what was going on.
  2. here is a little more-

    "Questions about how the bank handled the alleged fraud are mounting. A lawyer for a group of Societe Generale shareholders, Frederik Canoy, said a legal complaint was filed Monday asking investigators to look into possible insider trading.

    The complaint was filed after France's market watchdog said in a routine disclosure that a member of Societe Generale's board, Robert A. Day, sold 85.75 million euros ($126.1 million) worth of shares in the bank on Jan. 9 — two weeks before the fraud announcement and well before bank management says it knew about the problem. Day is an investment manager with U.S.-based Trust Company of the West, or TCW.

    Two foundations linked to Day, the Robert A. Day Foundation and the Kelly Day Foundation, also sold a total of 9.59 million euros ($14.1 million) worth of shares a day later, on Jan. 10, the market watchdog reported. Regulators have made no allegations of wrongdoing.

    Telephone calls to both Day foundations and TCW were not immediately returned Monday."
  3. smells like merde.
  4. bank playbook:

    go long futures indexes if correct; more wine and cheese for
    all. If wrong blame margin challenged junior trader (offset 80 billion notional value with tricky double set of books).:p