Thursday, January 24, 2008

So, French bank Société Générale is finding out what it feels like to find out that a trader in "plain vanilla" stock deriviatives just cost you five billion euros. And Libération, flaunting the 'tude of a bizarro-world left wing doppelganger of the New York Post, is all over this. Of course, there's the de rigeur stuff like a list of uses for the missing money (320 business jets! Two aircraft carriers: one new, one used!) But they also had fun with the bank's press conference, which revealed (among other things) that they were still "in the process of" trying to file a legal complaint against the guy responsible. In a story headlined "He almost blew up a French bank, and then went fishing?!", Libé went on:
The journalists insist: didn't they have to file suit quick, so he couldn't just leave? [Replied the bank reps], "Someone may have made a bit of an error there."
Gee, do ya think?


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