Today Societe Generale reported that a "rogue trader" wiped out almost two years of pretax profit for their investment-banking unit, $7.2 billion. The firm stated that the "transactions that were built on the fraud were simple, positions linked to rising stock markets, but they were hidden through extremely sophisticated and varied techniques." Even with this huge loss their stock is down only 4.1%. If only citi, bac, mer, bsc, ubs...... and the gang had changed the name of their asset-backed securities desks with "rogue trader" maybe their stocks wouldn't be underperforming the markets by so much.
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3 comments:
Let's call him up and invite him to our next Hedge Fund meeting.
i like it.. he won't be busy working
Asset backes secirites are for the birds.
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