Société Générale's Fraud -- did FED raise rate because of a single trade? what a shame...
-interview(intervieweree);
2008-1-24(#20235@43)
unwinding the positions Jan. 21 just as global equity markets were tanking on fears of a U.S. recession.
-interview(intervieweree);
2008-1-24{338}(#20236@43)
The fraud was discovered Jan. 20, a Sunday, which meant Société Générale had to start unwinding the positions Jan. 21 just as global equity markets were tanking on fears of a U.S. recession. "It was the worst possible time," says Janine Dow, senior director for financial institutions at the Fitch (LBCP.PA) ratings agency in Paris.