• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

SocGen trader loses $7bn on index futures

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    SocGen trader loses $7bn on index futures

    So that is an extra $7bn floating round the square mile.

    I hear rumours that fraud is involved - another Nick Leeson? I thought that was impossible these days?

    #2
    http://en.wikipedia.org/wiki/List_of_trading_losses

    Comment


      #3
      And finally it makes it to the BBC...

      http://news.bbc.co.uk/1/hi/business/7206270.stm

      Comment


        #4
        straight in @ #1, loss pickers..

        Comment


          #5
          Originally posted by BrilloPad View Post
          straight in @ #1, loss pickers..
          Not sure its 700.1 billion though

          Comment


            #6
            Originally posted by FiveTimes View Post
            Not sure its 700.1 billion though
            wiki has been edited!!!!

            this is what i c now...

            Guy Newbury) US$700.1 billion United Kingdom Barclays ABB

            Comment


              #7
              Originally posted by BrilloPad View Post
              wiki has been edited!!!!

              this is what i c now...

              Guy Newbury) US$700.1 billion United Kingdom Barclays ABB
              This is what was earlier :-

              Undisclosed US$7.1 billion France Societe Generale Equity futures 2008

              Comment


                #8
                Originally posted by FiveTimes View Post
                Not sure its 700.1 billion though
                Oh dear, someone (Guy Newbury's mate, presumably) is having a laugh...

                This was the entry a little while ago
                It's about time I changed this sig...

                Comment


                  #9
                  even that would be wrong as his losses were 4.9billion

                  Comment


                    #10
                    Originally posted by FT.COM
                    The bank said it had no more exposure to the trader’s positions, which were identified and analysed on January 19 and 20 – just before stock markets crashed unexpectedly around the world on January 21.
                    It would be a laugh if he had a massive short position and they closed it out just before the market went south.
                    How did this happen? Who's to blame? Well certainly there are those more responsible than others, and they will be held accountable, but again truth be told, if you're looking for the guilty, you need only look into a mirror.

                    Follow me on Twitter - LinkedIn Profile - The HAB blog - New Blog: Mad Cameron
                    Xeno points: +5 - Asperger rating: 36 - Paranoid Schizophrenic rating: 44%

                    "We hang the petty thieves and appoint the great ones to high office" - Aesop

                    Comment

                    Working...
                    X