Now That's a Fine

[hassata]

http://news.yahoo.com/s/ap/20101005/ap_on_bi_ge/eu_france_trader_on_trial

[jpm1]

all his superiors wouldn't have given green light if they knew the amounts of the bet

 

if Kerviel superiors weren't informed of the mess is that Kerviel fault ? one guy plays around with 5 billions and no one knows what's going on . i mean any folk can hide 5 billions with one computer , risks were known but nothing was made to control the financial operations better because that kind of messy and insane operations were tolerated . i agree Kerviel paid for the system . nowadays financial operations are so complicated none can prove they are insane anymore , maybe in such circomstances it's easier to charge a single trader . 5 billions to pay and no way he can work in finance anymore , it's like the 300 years jail in the US no death but no redemption where it is supposed to lead to ?? nowadays justice is sometimes given with a dissuasion goal , is it efficient maybe , is it fair i ask ..

 

 

edit : 5 billions not 50 , we are not a zero less or more anymore

Edited October 6, 2010 by jpm1

[sobek]

One lad gets a beating and the majority of beneficiaries continue unharmed. Way to go, financial market.

[hassata]

he was making huge bets. if the wave broke the other way, he would have been the next george soros. aig and all the IBs loose tons and take the financial universe down with them, and get free government handouts for their stellar work. trick is to become too big to fail i guess.

 

there's this one guy in NYC bet against the housing market, went from a net worth of about 200 mil (poor guy, right?) to 7+ billion literally overnight. meanwhile his goldman bankers (I assume they had their hooks in) sell rigged investments knowing, working the market, and actually betting against the funds loosing. of course, their preferred customers get in on the short fund.

[jpm1]

Trader movie is nice it shows how everything is done so that messes happen