Thursday, Jun 19, 2008
No subprime loans here, only one fat greedy fraudster
Thisislondon: 'Rogue trader' suspended after losing Morgan Stanley £60m
Does anyone remember the Société Générale fraudster Jérôme Kerviel? At the time, SocGen were adamant that the piles of money he lost were because he had acted alone, without the knowledge of SocGen's senior management. What happened to him? Google it to find out - it'll surprise you.
Posted by paul @ 09:31 PM (628 views) Add Comment
5 Comments
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1. icarus said...
Thieves the lot of them. And Badger wants more City 'experience' brought into the BoE.
2. icarus said...
...fox....henhouse
3. confused76 said...
The two economists have long been calling the end of the housing boom. Among the first to warn of a "speculative bubble", Mr Bootle and Mr Stansfield had anticipated a major correction in 2004.
Today, they said: "For a time during 2004/05 it looked as though we were right. But, of course, the market recovered strongly on the back of the August 2005 interest rate cut.
"With hindsight, it is also clear that we significantly underestimated how much higher house prices would be driven by buy-to-let demand and looser mortgage credit conditions.
"However, with credit conditions now tightening, our earlier forecasts may yet prove to have been rather more prescient than widely believed."
BRAVO!!!
4. confused76 said...
OOOPS
posted my comment at the wrong thread.... instead refers to Roger Bootle's forecast
5. paul said...
They are all theieves, and just to prove the point, there really is no honour among them!
Subprime scapegoats.