TopCat® 14:42 26 Jan 2008

As the French police finally get to interrogate the Societe Generale's employee, alleged to have committed this massive fraud - click here - I am wondering whether the SG will pass on full details of how it was done to other banks.

I'm sure the world's financial institutions security people would dearly want to know this, but at the same time, I can't help thinking SG will want to keep this information to themselves, especially as they have suffered such humiliation. What do you think? TC.

  TopCat® 14:44 26 Jan 2008

'Giving info to others' - missed completing the thread title, sorry! TC.

  Clapton is God 15:15 26 Jan 2008

When Nick Leeson similarly defrauded Barings Bank in 1995 (although on a somewhat smaller scale) his exploits were turned into a film and "full details of how it was done" became public knowledge click here

Rather than remain silent I think that SocGen will share their humiliation with other institutions if only in an attempt to prevent something similar happening again.

  DieSse 15:18 26 Jan 2008

What truly amazes me about the banking system, is that it's allowed at all to employ people to GAMBLE on stock market trends. Not invest in stocks note - GAMBLE on whether it's going to go up or down.

  wee eddie 15:19 26 Jan 2008

Jerome Kerviel is being used as a "Patsy" to cover the Societe Generale's failings/losses in the Sub-Prime Mortgage Market.

As a "Damage Limitation Tactic" it has quite a lot going for it.

  lofty29 16:29 26 Jan 2008

But thats what the whole thing is about, most of the trading is done with the pupose of betting whether the stocks go up or down, and in many cases the same gamblers are hoping to influence the results, ie seling stocks the do not own at a much lower price than what they are at to force the price down so that they can then buy them at a much lower price than they started out at. I know that this sounds crazy, but that is what happens, It is when what they hope to achieve does not happen that the loses come in. If the ordinary person tried something like this is real life, plod would soon be feeling your collar

  GANDALF <|:-)> 16:43 26 Jan 2008

Investing in stocks is also gambling.


  sunny staines 18:20 26 Jan 2008

the MO was similar to leeson he moved from the admin to the trade floor so was in the rare position to know how the internal Quality Assurance and Inspections were carried out and how to work the system to a limited extent.

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