Still a lot of things are not adding up here. First, it remains remarkable that a single trader could have put down $73 billion - SocGen claims that he was a computer expert, but that doesn't really fly, even in France. Second, I don't by SocGen's claim that their unwinding didn't contribute to the market collapse - even if it was a very small part of the float as SocGen claims, the downward selling pressure contributed to, and may have caused the collapse. Third, I would bet that SocGen cannot survive as an independent entity and will shortly need a massive, Countrywide-like bailout.

 

Submitted: Jan 27, 2008    Views: 137    Comments: 0    Likes: 2   


View Article: http://www.nytimes.com/aponline/world/AP-France-Bank-Fraud.html


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