RobertB
February 19th, 2008, 06:27 PM
The Traders Did It!
Liz Moyer, 02.19.08, 5:06 PM ET
Ask many a chief executive to pinpoint the source of Wall Street's most recent woes, and he or she will explain it isn't a systemic collapse of risk management and sound judgment that brought on more than $100 billion in write-downs. Nope, the implosion bringing Wall Street to its knees is the work of a few low-level traders.
Just last month, France's second-largest bank, Société Générale unveiled a $7 billion loss from what it said were unauthorized trades put on by a 31-year-old index trader named Jerome Kerviel. The bank blamed the crafty Kerviel's maneuverings to hide his activities for the implosion. Critics more rightly questioned how one person could have $70 billion position hidden before the bank was forced to liquidate it in mid-January.
http://www.forbes.com/home/wallstreet/2008/02/19/credit-suisse-traders-biz-wall-cx_lm_0219traders.html
Liz Moyer, 02.19.08, 5:06 PM ET
Ask many a chief executive to pinpoint the source of Wall Street's most recent woes, and he or she will explain it isn't a systemic collapse of risk management and sound judgment that brought on more than $100 billion in write-downs. Nope, the implosion bringing Wall Street to its knees is the work of a few low-level traders.
Just last month, France's second-largest bank, Société Générale unveiled a $7 billion loss from what it said were unauthorized trades put on by a 31-year-old index trader named Jerome Kerviel. The bank blamed the crafty Kerviel's maneuverings to hide his activities for the implosion. Critics more rightly questioned how one person could have $70 billion position hidden before the bank was forced to liquidate it in mid-January.
http://www.forbes.com/home/wallstreet/2008/02/19/credit-suisse-traders-biz-wall-cx_lm_0219traders.html