[wdvltalk-social] speaking of crime.....

joseph harris smilepoet at vfemail.net
Fri Jan 25 00:09:02 GMT 2008

Ah, yes, leverage - and high risk gambling under the pretence of 
investment.    'But the nice man in the sharp suit said it was a 
way of making lots of money quickly, your Honour;   like taking 
candy off a baby.   But he didn't say it was my candy...'


From: "michael ensor"
> SocGen reels from record rogue trader fraud»
> PARIS (Reuters) - The biggest rogue trader scandal in history 
> hit Societe Generale on Thursday as the French bank accused a 
> junior
> employee of a fraud costing $7 billion (3.7 billion pounds).
> http://feeds.reuters.com/~r/Reuters/UKBusinessNews/~3/222136334/idUKL2422020620080124
> --------------------------------------------------------------------------------
> he didn't circumvent five risk management systems, the systems
> were not managing the risk.........oh the joys of 
> leverage...........
> still one does question whether immediately closing out the
> positions was the wisest course [ albeit the 'right' thing to
> do...]
> www.WellingtonLive.co.nz

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