Friday, Jan 25, 2008
They would love us to believe this...
BBC: Rogue trader scandal broadens out
''Analysts are trying to assess whether the trader's actions contributed to the stock market turmoil and the Fed decision to cut interest rates.'' Let's reverse the 0.75 rate cut then???
Posted by hpwatcher @ 04:20 PM (594 views) Add Comment
8 Comments
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1. alan said...
Not only do I not believe that the guy could get away with this, my well informed mates think it's incredible too. They work for "household name" trading teams.
2. paul said...
"Societe Generale chairman Daniel Bouton said the fraud was a "one-off" and denied it was a trading or risk-management fault."
"Yeah, wha'evaar"
(Matt Lucas as Vicki Pollard)
3. hpwatcher said...
It's a load of rubbish.
Better to blame a lone trader, than an incompetent bank which is rotten to the core with rubbish investments.
I wonder how much he is getting paid to take the shit.
4. harold said...
Wheel out the rogue trader / incompetence baloney, in the hope that people don't loose confidence in the whole "scam"... sorry, I mean "system".
5. Landedgentry said...
perhaps the trader was a mole, to sabotage SG so that it's now vulnerable as a takeovertarget.
6. denzil said...
Just listening to Any Questions on Radio 4 a few minutes back and commentator on their blamed the French rogue trader for the stock market turmoil. I thought I imagined hearing it until I read this blog and realised my hearing and sanity is all present and correct.
7. bystander said...
I wonder whether he might conveniently 'disappear'. This sounds more and more like a 'fall guy'. He was having personal problems, lived in a tiny apartment, was a junior trader, with the where-with-all to defraud a huge bank, with multi-million pound computer safeguards, and he worked alone???????????? Conspiracy theorists field day.
8. d'oh said...
I too wonder how much has been deposited in his Swiss account for taking a fall for the "team".