Thursday, January 24, 2008
Societe Generale:'Rogue Trader'?
I hate the term 'rogue trader'.There's no such thing.Just poor controls.I don't know the details,they're not important.The young man at SG has just racked up losses of $7 billion.I hate the term losses,lets call them negative profits.
So you make a little, lose a little.I feel rather sorry for the trader.He hasn't really done anything wrong in real terms has he? It's all fake electronic money anyway.
Think about this,assume his vanilla directional market bet had gone the 'right' way.That is to say it was up 7$ billion in profit.Do you think he would even have made the news.When the 'rogue trader' makes money for the bank he is called a star trader aka financial wiz.
It's just bad luck, they should leave the young man alone and make him head up a risk management team.
RB
So you make a little, lose a little.I feel rather sorry for the trader.He hasn't really done anything wrong in real terms has he? It's all fake electronic money anyway.
Think about this,assume his vanilla directional market bet had gone the 'right' way.That is to say it was up 7$ billion in profit.Do you think he would even have made the news.When the 'rogue trader' makes money for the bank he is called a star trader aka financial wiz.
It's just bad luck, they should leave the young man alone and make him head up a risk management team.
RB
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Dear C.Noyer,
It's not my money and I really don't care soFuck off and don't visit this blog again.
Thanks
It's not my money and I really don't care soFuck off and don't visit this blog again.
Thanks
Are u working a a certain French bank about to be laid off because of ze fraud yes?
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# posted by 
: 5:44 pm
: 5:44 pm << Home
