Video: How the Market REALLY Works

This is funny, and probably deadly accurate.

This is really part of Pluto’s bailiwick; I hope that worthy soul will come by and comment, perhaps on the $7B fraud in France.


Skip to comment form

    • Tigana on January 27, 2008 at 23:46
    • srkp23 on January 28, 2008 at 02:05

    Til I realized, hey, this isn’t funny, it’s true!  

    • Pluto on January 28, 2008 at 02:34

    Tigana, that “rogue” trader business was funny.

    Ever notice how employees who take down banks in the course of doing business are labeled “rogues?” By that definition, we have a “rogue” administration.

    On the elite trading floors here, where France’s brightest minds devise some of the most complex instruments in global finance, few people noticed Jérôme Kerviel.

    He was lucky to be there at all. Many of his colleagues had been plucked from the prestigious Grandes Écoles – the Harvards and MITs of France – and wielded advanced degrees in math or engineering. Kerviel arrived from business school and started out shuffling paper in the back office.

    But on Thursday the world came to know Kerviel, 31, as the suspected most dangerous rogue trader ever, a young gambler who found himself sucked into a spiral of losses that left a $7.2 billion hole in Société Générale, one of France’s largest and most respected banks with operations throughout the world, including Asia.

    This is a fun article, if you’re up for a read:

    What a lot of people don’t know is that young Jerome (not to be confused with Jerome a Paris) confessed when the bank was only down 2 billion. Then, he was thrown out and the bank’s bosses tried to “fix it.”

    When it reached 7.2 billion — they freaked, confessed, and blamed it on Jerome the “rogue.”

  1. Russ Winter would give them guest spots.

    • Tigana on January 28, 2008 at 07:58

    And please run with this!

    • KrisC on January 28, 2008 at 08:29

    reminds me of the Donald Rumsfeld video….too funny!

Comments have been disabled.