How can someone lose 5 billion Euros ?
Who is this bloke ..shocking stuff
have you got a link to the story or anything mate?
They didn't lose it, he nicked it.http://abcnews.go.com/US/wireStory?id=4181556
"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).
Good job I wasn't planning on renewing my contract with them at the end of next month anyway.
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?
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.
willyarms wrote (see)
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.
Blimey - that's a bit of a blotch on the old CV..
Very easy to do if you know how. It is all about setting a precedent.
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!