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MONDAY JANUARY 28
Faceoff: Boy Vs Bank So, did a 31-year-old fell a monster bank? Or did the monster bank use him as a fall guy for other troubles it was having? As the plot thickens, the legal team of “rogue trader” Jérôme Kerviel accuses Societe General of using its junior employee as a smokescreen for massive subprime losses – something that the bank’s chairman has denounced as laughable. Meanwhile, one ex-SocGen trader privately tells TraderDaily he cannot imagine how any trader could lose anywhere close to $7 billion in the European equity-index futures market. “It’s not like what Amaranth did with natural gas, where losses like that are entirely possible,” he says. “In stock-index futures it would be hard to hemorrhage that kind of money that fast, even if you tried. Everyone believes there’s a lot more to this story than we are hearing.” Very well then; let the finger-pointing begin. January 2008New User?Sign up to get free access to TraderDaily.com
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