Not to worry Jonathon. I'm sure "lessons will be learned" and "steps will be taken" to "ensure nothing like this will ever happen again" both in France and in the rest of Europe, (including, of course, here).
Apparently all big USA banks had profits in 2007 despite losses, tough i dont know how much would be put in 2008.
I blame this on a total lack of common sense - transferring a back-office computer nerd to the trading desk was asking for trouble. These positions should be firewalled.
This £3.6bn fraud is bad for Soc. Gen., bad for its shareholders and bad for some of the staff who are going to have smaller bonuses.
But it doesn't need to be very bad for the rest of us.
The alleged fraudster has been identified and can be brought tro trial.
That £3.6bn, lost by Soc. Gen has been gained by some other traders, so the spending power of that £3.6bn is still in the economy.
It doesn't need to be bad for the financial sector as a whole, or the wider economy. Unless 'confidence' is lost, but there's no real need for that to happen. But the presence of 'confidence' is not always rational in the markets.
Does this mean New York can have its IPO's back this year after you do your version of Sarbanes-Oxley?
Does this mean New York can have its IPO's back this year after you do your version of Sarbanes-Oxley?
It pains me to say it but, yes, almost certainly. And not just next year; being European we'll do it bigger and better and there may never be another IPO this side of the Atlantic.
Still, every silver lining has its cloud, and I was wondering what would happen in the financial contracting market place when all those SarbOx types started competing for the real jobs. This will give them something similar to carry on with for a while yet.
What exactly does "£3.6bn fraud" mean? Where did that money go? Presumably Jerome Kerviel can't have it all, or surely he would have stopped after the first bn. I find financial markets as confusing as they are fascinating...
Hm, I've now read the bank's press release. It seems he traded things that were "beyond his limited authority". So what was in it for him?
He was trying to cover up his losses. According to the papers he was a junior trader of limited authority, but his past experience working in the back office meant he knew how to evade the risk management and compliance systems.
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