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The media is titillated about the rogue trader. Yet, he came clean on Saturday when the losses were a mere billion or two.
Instead of taking the hit like Barings and Sumitomo did, SG and Trichet kept it secret until Wednesday. This was after they dumped the 120B in long positions on Monday causing the world markets to believe the sky had fallen on Monday and Bernanke to make the emergency cut.
Who committed the bigger fraud? Is the media allowing Trichet and SG to skate? Did SG and Trichet benefit from this deception?
Trichet went to Davos and mingled with all those high powered CEOs and World leaders who were all in the dark about the market turmoil and what Trichet had done. Yet Trichet knew all along what was up. What does Trichet's action indicate of the the ECB's willingness to do the right thing?
Location: Georgia, on the Florida line, right above Tallahassee
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Quote:
Originally Posted by Bob The Builder
The media is titillated about the rogue trader. Yet, he came clean on Saturday when the losses were a mere billion or two.
Instead of taking the hit like Barings and Sumitomo did, SG and Trichet kept it secret until Wednesday. This was after they dumped the 120B in long positions on Monday causing the world markets to believe the sky had fallen on Monday and Bernanke to make the emergency cut.
Who committed the bigger fraud? Is the media allowing Trichet and SG to skate? Did SG and Trichet benefit from this deception?
Trichet went to Davos and mingled with all those high powered CEOs and World leaders who were all in the dark about the market turmoil and what Trichet had done. Yet Trichet knew all along what was up. What does Trichet's action indicate of the the ECB's willingness to do the right thing?
They don't think he acted alone. After all, he was playing around with ~ 50 billion Euros at one time..... ....... a junior trader trading more than the banks entire market capitalization?......... And no one knew about it but him? Riiiiiiiiiiiiiight.......
I've worked in trading environments - the truth is, very often the traders and managers simply do not understand the whole picture.
Some of the instruments are complicated. And though they understand the concept, they do not fully do the math to understand the whole picture. And, it simply gets away from them.
And, that's the spooky reality of it all...
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