Well not me actually.
The last week stories were really amazing.How the market down deep to the earth following the decission of Fed to cut interest rate to 0.75.The market was really horrible last week.
Also on the news,how a trader by name Jerome Kerviel of Societe Generale in France could make acompany a huge lost of $7billion
As reported by AFP France:
PARIS (AFP) — The French government demanded a full accounting Friday of how a rogue trader at Societe Generale managed to lose 7.0 billion dollars, as it emerged he gambled on over 73 billion dollars -- more than the bank's current value.
President Nicolas Sarkozy insisted meanwhile that the scandal, which cost the banking giant 4.9 billion euros (7.15 billion dollars), had not affected the "solidity and reliability of France's financial system."
Societe Generale said a single Paris trader, named by bank sources as 31-year-old Jerome Kerviel, amassed the losses, virtually wiping out the bank's 2007 profit and leaving it as a potential takeover target.
Seeking to reassure investors and the public, Bank of France governor Christian Noyer insisted that Societe Generale "is stronger today" after it had "cleaned" up its accounts.
But a top French presidential advisor revealed that Kerviel had positions of more than 50 billion euros (73 billion dollars) -- more than the bank's current market capitalisation of 35.9 billion euros.
Look at the headline:
Société Générale, one of the largest banks in Europe, was thrown into turmoil Thursday after it revealed that a rogue employee had executed a series of "elaborate, fictitious transactions" that cost the company more than $7 billion, the biggest loss ever recorded in the financial industry by a single trader.
Considering the big lost and the big impact on financial market,how that could happen?
I mean how a trader(alone) could made a misserable 'mistake' that causing financial collaps to the bank?
Is there any conspiracy behind his action?
Read more from International Herald Tribune business section.
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