Societe Generale scandal: who is responsible?

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Societe Generale scandal: who is responsible?




by jean63 » 25/01/08, 18:04

I found this in a post from forum on the stock market.

That's exactly what I think about it .... and you?

The explanation of the SCANDAL of the SG 12:24 25/01/08

Thanks to Bob B.128 for his "prose"

"- Okay, guys, we're kidding, we're kidding, but we're getting away from the real problems. Who wants a calva? I'm 80 years old that I bring straight from the farm. A rarity.
- Who took the cigars? Jean-Eudes, don't be a rat, send the Havanas back here.
- Gentlemen! When you're done flaring, we'll come back to the topic of the day. Where's Roger?
- In the bathroom, Mr. Chairman, he has trouble digesting the celery puree.
- Well, since our financial director is sick, I will get into the subject myself. Puff ... Puff ... (he lights a cigar). Gentlemen, as I said, the hour is serious. Thank you for the calva, Pierre-Henri. The calculations made by my intern last night show that we lost between 5 and 9 billion due to these big rednecks.
- Shit, these yankees. We can no longer trust anyone!
- Silence, Charles-Edouard! It is too late to embark on an in-depth risk analysis.

The question of the day is: WHO WILL WEAR THE HAT?
General silence. Everyone looks weirdly ....

- No, don't worry, we're not giving a damn about the executives at the door yet. The social plan, we will do it on the counters, don't just mess around. No, but seriously, find a cIampin to get out quickly. Preferably one that none of us know, just to say that we were not aware.
- Yes, Mr. Chairman, but who?
- I don't know, I'm not here to do everything, either. Is there anyone you want to fire? A bullet hole, a minüs, but with a good psychopathic face, that we could show on TV saying "it's all his fault"?
- Yes, as the ancient Hebrews charged a goat with their sins before sending it into the desert ...
- Charles-Hubert, you fart them menu with your stories of cüreton. It is not because you have spent 15 years with the jezes that it must be brought back to each coding. The last time was Saint-Paul in Damascus to illustrate the moment when Bernanke understood that he was in trouble, and next time, what are you doing to us? Sodo.me and Gomorrhe? The flood ? Come on, let's go, they give me a name.
- But, president, we don't know the names of the collaborators. We barely speak to them, and again, only to bicker them.
- Well, OK, I see, I'm still going to do everything. Pierre-Matthieu, give me your cell phone. The trombi of the box, where is it?
- Here, Mr. Chairman.
- Pu.tain, these mugs of täres they have! Hey, in HR, have you ever thought of giving instructions, like "avoid hiring leftovers"? Well, we're not going to get out of it, I click at random ... Hey, that one, Bernard Hurningh, what do you say?
- He is a client advisor at Dôle, sir, nobody will ever believe that we lost 5 billion because of him.
- Even while scheming with Switzerland?
- That's more what it was, sir, Switzerland. Bank secrecy is not even guaranteed anymore, they would be screwed to prove to us that we are talking about cracks.
- Yeah, you're going to have to hit the heavy. This one, Marc Brice, in your opinion?
- Financial director of a sub-subsidiary specializing in agricultural loans, sir. It is the stock market that cracks, not the market of pürin.
- Be smart, Jean-Edourad, don't give a damn about me. Well, that one, he has a real winner face. It's my last word, you take your fingers out of the tub and wet it to death. Jean-Gui, as a former member of the Elysée cabinet under Mitterrand, barbouzeries, you know that, don't you?
- Yes, we can tweak the computer system a bit, just to make it look like it was ugly. Show the name?
- Kerviel, Jérôme Kerviel. Another one of those little bitches who think they are going to get rich because they place stock market orders all day on their screen. They look like hamsters under acids, these branIeurs. Come on, that one will pay for the others.
- But, sir, 5 billion on the back of this bullet hole, nobody will ever believe it!

- I point out to you, my little Charles-Edouard, 80% of the French moved a little more than six months ago to decide between a hysterical di.nde, and a faint-hearted person complexed by its size, so you know, the critical sense of these gIandus ... Okay, here we go. Media plan, IT bidönnage, press release, social plan in backup, I want it all on my desk tomorrow morning. And you will remove the coupon for this year from me, it will make the feet of these shareholders co.nnards. Anyone wanting a field ', are we going to get drunk to celebrate? "
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by Christophe » 25/01/08, 18:40

I don't understand your copy / paste ... : Shock: so I don't think so ...

The responsible is capitalism in its current form... in short the system and in this case I do not pity anyone ... they are all part of the system and knew the risks.

Anyone could, if the banking organizations allowed it for individuals, lose sizeable sums of money on the stock market by playing down on a rising stock ...

Fortunately the "system" does not allow it ... for us ... but not for "them" ...

Hey jean, some info you will like: the little "con" he earned 100 € per year at 000 ... that too is not "normal" somewhere ...

Virtual ... this is what the current financial system is ...
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by Remundo » 25/01/08, 19:21

The text suggests that Societe Generale is seeking to discard its colossal losses linked to its positions in the American subprime market on one of its trader employees.

I must admit that when I heard the story absently on the radio, I thought it was a joke by an ironic humorist about the subprime scandal. A more attentive ear suggested to me that, in the end, it could be comedians of a new genre ... and unexpected.

Frankly, it is impossible that this 31 year old man could have played 5 Billion Euros in such a short time of his trading career. In any case, if he participated in something, he must be the last wheel of the carriage and other very big cap seek to hide behind him ... The blabla of computer assembly masking internally the fraudulent movements does not hold no: the clearing houses outside SG should have detected holes and inconsistencies long before the amounts amounted to one billion euros.

Especially since it didn't bring him a kopek, the orders had not passed in his name. I find this whole story once again very shady.

As for the trader's salary, you should know that it is a job that requires a high level of study (generally a bac + 5 engineer with a master's degree in finance / economics). But above all, it's a crazy job: 100 Euros does not reimburse them for their deplorable quality of life (000 hours of exhausting work / week) and the consequences on their health linked to the intense stress they experience even at night when they are going to sleep because they are already thinking about the orders to be placed the next day ...

As I am not "in the business", I am waiting to see the testimonies of traders who will be able to give precise orders of magnitude on what the man who is accused could or could not do in relation to his position and his level of responsibility. ...

I believe, without being too much mistaken, that 5 Billion Euro would not even have been within the reach of the biggest CEO of the biggest bank ...

@+
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by gegyx » 25/01/08, 19:29

It is even said that the big shareholders, would have sold their shares, before this official announcement of fraud by a clampin.

And that following the stock market collapse, they bought SG stock, in order to bail out the company somewhat, or at least to compensate for the collapse, while finally redoing a small profit margin on the back , small nervous shareholders who sold in a hurry.
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by Chatham » 25/01/08, 19:34

Christophe wrote:Hey jean, some info you will like: the little "con" he earned 100 € per year at 000 ... that too is not "normal" somewhere ...



At a time when we are making deep throats on the income of our president of the republic (which by the way are absolutely comparable to that of other European heads of state even small), the ANNUAL incomes of the CEO of Porsche were 68 ... million € for 2007 ...
I knew a senior manager from Exxon who was winning
60 francs / month at 000 years of age, and his wife also works at Exxon 30F / month, therefore ladle 40 € per year to them 000 (excluding taxes) ... and that was ~ 180 years ago ... : Mrgreen:
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by Chatham » 25/01/08, 19:39

Remundo wrote:
Frankly, it is impossible that this 31 year old man could have played 5 Billion Euros in such a short time of his trading career.
As for the trader's salary, you should know that it is a job that requires a high level of study (generally a bac + 5 engineer with a master's degree in finance / economics).
I believe, without being too much mistaken, that 5 Billion Euro would not even have been within the reach of the biggest CEO of the biggest bank ...

@+


In fact the 5 billion is only losses, on 50 billion € of capital invested ... but it is a small player, an Anglo Saxon trader did better with 27 billion losses + the total bankruptcy of his bank....
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by Remundo » 25/01/08, 19:41

Christophe wrote:The responsible is capitalism in its current form...

Virtual ... this is what the current financial system is ...


We can sum it up effectively.

The subprime scandal, perhaps that some people do not understand precisely what it is all about.

The United States has always had a tradition of excessive recourse to borrowing which in a way makes it possible to finance its growth. And recently, their banks have crossed the line. They massively set up loans at fairly high rates, often variable for customers they knew very likely to be insolvent after ten months.

The idea was to expel the "guys" from their hut, to keep the money paid, and to resell the hut WITH a capital gain because the real estate market seemed never to fall. Good at all ... and it worked ... it was juicy as long as real estate went up 10% every year ... Too bad for the poor guys on the street : Cry:

The financial snag is that this market has turned around. At first, a simple slowdown in prices ... but with the system in place, the banks were beginning to be confused. So they put houses up for sale. Supply has increased as demand has become scarce. The crisis self-amplified very quickly until the bankruptcy of subprime activities, causing the fall of French banks, the same people who are choosy when you ask for a loan with 80 Euros of personal contribution ... They had a completely different perception of risk when they injected billions into the subprimes of Ricans ... : Evil:

The cause of all this ... The stupidity of some (the borrowers), the greed of others (the banks), and the irresponsibility of the two who launched into a fool's game from the signing of their "contract".

I stop my prose here because I would not make you despair of the human species ... :|
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by Remundo » 25/01/08, 19:47

Chatham wrote:In fact the 5 billion is only losses, on 50 billion € of capital invested ... but it is a small player, an Anglo Saxon trader did better with 27 billion losses + the total bankruptcy of his bank....


So this gentleman, if I believe what you say, managed 50 billion all by himself. Frankly, he was badly paid for such responsibilities ...

We would laugh at it if it was not so serious and unfair. : Evil:
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by jean63 » 25/01/08, 20:32

Christophe wrote:
I don't understand your copy / paste ... so I don't think about it ...

........... are you kidding or what?

I guess you pretend you don't understand.

Everyone talks about it in a less humorous setting: it seems inconceivable, you needed a fuse (maybe consenting?).

Nowhere have I heard of his salary; what SOURCE do you get that from?

Are they going to find him committed suicide?
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by jean63 » 25/01/08, 20:37

Chatham wrote:
Remundo wrote:
Frankly, it is impossible that this 31 year old man could have played 5 Billion Euros in such a short time of his trading career.
As for the trader's salary, you should know that it is a job that requires a high level of study (generally a bac + 5 engineer with a master's degree in finance / economics).
I believe, without being too much mistaken, that 5 Billion Euro would not even have been within the reach of the biggest CEO of the biggest bank ...

@+


In fact the 5 billion is only losses, on 50 billion € of capital invested ... but it is a small player, an Anglo Saxon trader did better with 27 billion losses + the total bankruptcy of his bank....


No no, 5 billion euros is the record. The one you are talking about had lost ONLY 2 billion ... well, still less than 5 billion.
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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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