Checks by SocGen missed $73 billion wrong-way bet

[Celebration]

http://www.reuters.com/article/businessNews/idUSL2422020620080128

Pretty good summary of what happened. I keep hearing, the Fed cut rates because of the markets, but the markets were due to this situation. Haha. So what happens to the Fed next week? If they buy this argument they just may not cut rates at all, and then, watch out.

[thunder rising]

1. So they found a volunteer to take the rap. Emergency over, just one guy

[ursi]

3. boy, does it look that way! it's more tied to the bogus subprime and other loan markets

then that yound french hacker dude.

[Zensea]

2. Personally interesting to me

I work in the building that the SocGen offices are in here in New York City (it's across the street from the Fox News building).
I can actually put faces to these traders since I see them every day when they are taking cigarette breaks.

[CGowen]

4. new link,because reuters changed it

http://today.reuters.com/news/articlenews.aspx?type=topNews&storyID=2008-01-28T011122Z_01_L24220206_RTRUKOC_0_US-SOCGEN.xml&pageNumber=0&imageid=&cap=&sz=13&WTModLoc=NewsArt-C1-ArticlePage3