Rogue Trader at french bank

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zebbyzulu
24/01/2008 at 12:17

How can someone lose 5 billion Euros ?

Who is this bloke ..shocking stuff

Electric_Dreams
24/01/2008 at 12:19
have you got a link to the story or anything mate?
Danny_Two
24/01/2008 at 12:20

They didn't lose it, he nicked it.

http://abcnews.go.com/US/wireStory?id=4181556

Edited: 24/01/2008 at 12:20
willyarms
24/01/2008 at 12:30

"SocGen said the trader had been handling plain vanilla futures contracts on European stock market indices, betting on broad share market movements."

Can someone please translate this in to English, (with or without the use of apples and oranges).

Edited: 24/01/2008 at 12:31
the oaf
24/01/2008 at 13:02
Good job I wasn't planning on renewing my contract with them at the end of next month anyway.
Do you know what people are mostly? Bastards! Bastard-coated bastards with bastard filling. But I don't find them half as annoying as I find naive bubble-headed optimists who walk around vomiting sunshine.
I'm fairly sure if they took porn off the internet, there'd only be one website left, and it'd be called "Bring back the porn!"
Edited: 24/01/2008 at 13:05
Ben Cope
24/01/2008 at 13:15
Where do you actually stash that kind of figure then? It's not sure you can make a one-click transfer to your ING Savings account. Can't they just get it back, or does he have it stashed under a big mattress?
tufty
24/01/2008 at 13:49
Admin wrote (see)
Where do you actually stash that kind of figure then?

It's gone .... disappeared into the ether. Basically, he did the gambling equivalent of spunking a monkey on a bet, only to see it turn into a pony.

R1 loon
24/01/2008 at 18:28
willyarms wrote (see)

"SocGen said the trader had been handling plain vanilla futures contracts on European stock market indices, betting on broad share market movements."

Can someone please translate this in to English, (with or without the use of apples and oranges).

Watch Trading Places and swap plain vanilla futures for Frozen orange concentrate. In simple terms he's betting that the value of these will go one either up or down, but the market went the other way.
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Ben Cope
24/01/2008 at 21:23
Blimey - that's a bit of a blotch on the old CV..
The Turd
24/01/2008 at 21:26
Very easy to do if you know how. It is all about setting a precedent.
LondonDRZ
24/01/2008 at 21:30
7.2 Billion Euroes in total. SocGen still managed to make 300million Euro's profit though. Not been a good year for them with their sub prime debt taken into account. No bonus or investor dividend for them then!
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