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View Full Version : Is this really possible or are they just finding a scapegoat?

Mormon Red Death
01-24-2008, 04:37 PM
http://articles.moneycentral.msn.com/Investing/Dispatch/RogueTraderBlows7Billion.aspx
landpoke
01-24-2008, 05:52 PM
I'm calling bullshit. Unnamed, in thirties, gamed the system, unknown whereabouts etc. Seems like so much CYA to me.
landpoke
01-24-2008, 05:54 PM
The article I read this morning didn't name him.
creekster
01-24-2008, 06:00 PM
It is possible, but it seems very impalusible to me as th earticle I read said he did so without any financial gain for 'irrational' reasons. What? Nobody smart enough to defraud a bank for 7 BILLION bucks does so without any effort at financial gain. Unless they didn't do it.
Mormon Red Death
01-24-2008, 06:12 PM
It is possible, but it seems very impalusible to me as th earticle I read said he did so without any financial gain for 'irrational' reasons. What? Nobody smart enough to defraud a bank for 7 BILLION bucks does so without any effort at financial gain. Unless they didn't do it.

The article I posted said he did it to cover his losses and bad plays he made. But that makes me wonder, a 31 year old has access to invest over 7 billion?
BYU71
01-24-2008, 10:57 PM
The article I posted said he did it to cover his losses and bad plays he made. But that makes me wonder, a 31 year old has access to invest over 7 billion?


There is more than one of them who has access to that much money. You might look at this little gem I posted.

http://www.cougarboard.com/noframes/message.html?id=3366765

I should have said hedge fund or bank. No this doesn't surprise me one bit.
Colly Wolly
01-25-2008, 12:11 AM
Very possible. Check out the movie "Rogue Trader", starring Ewan McGregor. It tells the true story of how one man single-handedly brought down the bank that financed the Louisiana Purchase. Fascinating story.
creekster
01-26-2008, 06:34 PM
This is why I don't beleive it

Adding to the mystery, the bank said Kerviel may not have made any personal gain from his unauthorized trades.
http://news.yahoo.com/s/ap/20080126/ap_on_re_eu/france_societe_generale;_ylt=Agrqx7dVY9bnDX8VIMBjD XoDW7oF
BYU71
01-26-2008, 06:58 PM
This is why I don't beleive it


http://news.yahoo.com/s/ap/20080126/ap_on_re_eu/france_societe_generale;_ylt=Agrqx7dVY9bnDX8VIMBjD XoDW7oF


You just have to love the French. The guy was making too much in profits in 2007 that he had to try and lose money to off set the gains, but did too good a job of it.

No wonder the liberals love the French.