Societe Generale scandal: who is responsible?

Current Economy and Sustainable Development-compatible? GDP growth (at all costs), economic development, inflation ... How concillier the current economy with the environment and sustainable development.
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by Remundo » 01/02/08, 22:00

Thank you Flytox! All this gives me Button : Cheesy:
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by Christophe » 02/02/08, 14:07

Remundo wrote:Thank you Flytox! All this gives me Button : Cheesy:


AH AH AH AH AH! We found the valve of the month!
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by jean63 » 05/02/08, 23:31

Kerviel to AFP: "I will not be the scapegoat for Société Générale"

Trader Jérôme Kerviel acknowledged Tuesday his "share of responsibility" in the record losses of Société Générale while refusing to be "the scapegoat" of the French bank, in an exclusive interview with AFP.

"I have been appointed (as sole manager, editor's note) by Société Générale; I assume my share of responsibility but I will not be the scapegoat for Société Générale", explained the trader to AFP during a meeting at the Parisian office of his lawyer, Me Elisabeth Meyer.

"We lose the notion of amounts when we are engaged in this kind of profession. It is dematerialized. We let ourselves be carried away a little", justified the trader who has engaged in the name of Société Générale positions exceeding 50 Billions of Euro's.

"I never had a personal ambition in this affair. The object was to make the bank earn money," he added.

White plaid shirt and jeans, the most famous trader in the world, smiling, expressed himself in a calm voice: "I am not suicidal nor depressed", he launched in response to those who have it. presented as unstable.

source: http://www.orange.fr/bin/frame.cgi?u=ht ... erale.html
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Only when he has brought down the last tree, the last river contaminated, the last fish caught that man will realize that money is not edible (Indian MOHAWK).
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by Christophe » 07/02/08, 12:11

A little link to better understand the current economy: https://www.econologie.com/comprendre-la ... -3657.html

It is done by a chief economist of Crédit Agricole.

Funny it ensures that there is NO risk among French banks ... : Mrgreen: : Mrgreen: : Mrgreen:
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by jean63 » 07/02/08, 15:44

News from Uncle Kerviel and tolerances from SG !!!!:

SocGen's tolerance for risk-taking at the heart of the Kerviel affair

While Société Générale blames one man for its losses, Several accounts, including that of Jérôme Kerviel, question the bank's excessive tolerance for taking risks to maximize its profit and thus ensure its independence.

For Société Générale, the loss of 4,9 billion falls on a "single man who had the intelligence to escape all control procedures".

Affirming that the job of a bank was not to speculate, its CEO Daniel Bouton considered that the "normal" controls had worked but that the trader had made them "inoperative" by concealing his speculative positions.

Asked by AFP, an official of Société Générale passed through the inspection believes that the main error of the bank is "not to have been sufficiently paranoid" by recruiting and then authorizing Mr. Kerviel, former controller of the "middle- office "(market monitoring) to be placed in the front office".

In his defense, Jérôme Kerviel argued that other traders, but at a "lower level", also took liberties with their risk limits and that his hierarchy turned a blind eye to his practices as long as he was "in the positive". "Not seen, not taken. Caught, hanged", he summed up.
*

Following in: http://www.boursorama.com/infos/actuali ... ws=5125137
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Only when he has brought down the last tree, the last river contaminated, the last fish caught that man will realize that money is not edible (Indian MOHAWK).
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by jean63 » 07/02/08, 15:46

Christophe wrote:A little link to better understand the current economy: https://www.econologie.com/comprendre-la ... -3657.html

It is done by a chief economist of Crédit Agricole.

Funny it ensures that there is NO risk among French banks ... : Mrgreen: : Mrgreen: : Mrgreen:


I can't see it ... the download was blocked, eg a pb at my place?
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by Christophe » 07/02/08, 15:57

See?

It's an mp3 so it's more like listening ...

I could be wrong but it seems to me that you already had problems downloading a file, right? You clicked on the little icon Image

?
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by Remundo » 07/02/08, 23:51

With me it works. By cons, the sound quality is average ... well like the case :P
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by Christophe » 07/02/08, 23:55

Yes quality not top but it is listenable ...

Otherwise uh what business? Registration dates from July / August 2007 :)

That's why he's "funny" :)
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by Remundo » 08/02/08, 12:28

Ah yes, yes, it is listenable.

The theme of the show, its date and its content are actually, with hindsight, quite crisp ...

Christophe thank you!
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