Oldtent Archives 2007 - 2008

SocGen accused of smokescreen after loss

By Martin Arnold in London and Peggy Hollinger and John O’Doherty in Paris

Published: January 27 2008          Lawyers for Jérôme Kerviel, the French trader accused by Société Générale of massive fraud, hit back at the bank on Sunday, accusing it of creating a “smokescreen” to divert attention from other losses.

The lawyers insisted that Mr Kerviel “did not commit any dishonest act, nor embezzle a single cent, and he in no way benefited from the bank’s funds”.

Elisabeth Meyer and Christian Charrière-Bournazel told Agence France Presse that SocGen wanted to “raise a smokescreen that would distract the public’s attention from far more substantial losses that it had made in recent months, notably in the unbelievable subprime affair”.

They also said that the timing of the bank’s decision to close positions relating to Mr Kerviel’s trading and the manner it executed these trades “itself provoked the losses of €4.5bn”. The lawyers also claimed that Mr Kerviel’s trading was in profit to the tune of €1.5bn ($2.2bn, £1.1bn) at December 31.

SocGen declined to comment on the lawyers’ allegations. However, the bank is standing by its original statement, according to a person close to the bank.     …………….more

www.ft.com/cms/s/a0d5ca2c-cd28-11dc-9b2b-000077b07658.html

I’m glad to hear that you are planning on being there; it will be great to shake your hand and enjoy some laughs.   I haven’t read all the posts back this weekend, but if gold hits a grand relatively quickly (within 2-3 weeks) maybe we could consider March 14th or  March 21st weekends…my wife’s spring break is between those two or the summer would work.  

I think the Fed blew its wad already.  I predict only a 25 bp cut.  If they cut more it’ll be 50 bp max IMO.  If they do that, they have no control and do whatever the market “wants” as long as they can which won’t be forever and will end very bad.  Friday’s fast money first segment was really good; i may re-watch that again tonight.  They really emphasized that volatility would be nuts this week with huge swings.  If the FED does disappoint, I think I’ll use some money on the sidelines to go ultra short the Russell.  That should a good hedge against the junior miners.  The thing to remember is that alot of bears like me covered early last week.  Without that downside protection, it could get really ugly in that direction very quickly or we’re gonna have a good rally.

Are you familiar with or have you had experience with the “Hoxsey” treatment by chance? 

my vote had an electronic chad hanging from it! Doesn’t really matter, anyplace you guys and gals feel comfortable with. Just hurry, I not getting any younger - of coarse I will be here until I see gold up $50 while I sleep and I certainly plan on being here making sure that Sinclair wasn’t lying and that gold goes to $1650 then higher still! Deadeye

You think that da boyz might just go on and beat the SM down hard tomorrow and Tuesday just to make sure that they get another .50 rate fix on Wednesday??  I’ve seen predictions of NO CUT - which I do not believe Bernanke has the guts to do.  I have seen .25, .50 and .75 with the .50 probably being the concensus.  DOW futures are down about 45.00  currently.   What do you think?

That’s my 2 bit futures trade setup.

your good, pulling out Hank Jr.   Past my bedtime but I will leave this one with you!  Have a good evening.

http://www.youtube.com/watch?v=B6z9U52Iac8

…..”looking good, Billy Ray!”

$1,700 on deck.

Goodnight, everyone.

JBI

Yeah brother….when it all one day is said, and done….we at least, got to dance.

Goodnight, and Best, Mr Bojangles, Farmboy

Asia/Pacific Region - The Hang Seng and the Shanghai Composite have joined the mild slide ( mild compared to last week ), with the Hang ‘Em taking the lead now on the downside…..

finance.yahoo.com/intlindices?e=asia

As reported over the wires….

9:02 China’s Shanghai Composite drops 2.9% to 4,624.50

9:02 Japan’s Nikkei 225 ends morning 2.6% down at 13,274.93

9:02 Japan’s Topix index closes morning 2.7% lower at 1,308.36

9:01 Hong Kong’s Hang Seng drops 3% in early minutes

9:01 Hong Kong’s H share index declines 3.8% in early minutes

~ ~ ~

And the PM’s are holding steady at higher levels…..

www.gold-eagle.com/intra-daykit.html

JBI

well you know what they say….’just can’t rush into these things’. i’m on my way now and will stop and pick you up ….ahhh around march so we won’t be late for the july party! wj

LOL…ok….try this one.

http://www.youtube.com/watch?v=I4s0nzsU1Wg

Farmboy, who sez, I did not mind the cable TV had a couple Spanish only channels….easy enough to block out, flip on by. But it seems ‘local Cable Tv advertising’ is really picking up steam in the Atlanta area. And now, I am having to watch spanish only TV adds……on most of the major channels?

But I must be honest with you. Have in recent times been doing my grocery shopping at a grocery store aimed at the Spanish cliente. Have found, those illegals do not appreicate, care for, our hormone/antibiotic chickens. One of the few stores I can buy chicken, or beef, that is not filled with all kinds of crap. What puzzles me though, is standing in line, and watching so many Latino’s pay with food stamps. How the heck? are they getting on the Govt Vouchers and still here illegally? Kinda get the idea, if they have a baby here, it is an AMerican Citizen. Sorta understand, how if they are injured, on job or not, they get ‘Free Medical Care’ at any Hospital ER, even understand how my taxes, pays for thier childrens education in our Public Schools. But food stamps….??

And another interesting thing. Used to seeing the graffitti on walls, buildings, (heaven forbid…but even the Ments dumpster) around town courtesy of the Bloods, or Crips. Seems over the past several years, about half is from the black gangs, and now, half from Mexican gangs. (Wonder how that ‘turff war’ is going to end?)

Best, Farmboy (who thinks, a bowl of popcorn, and a little gold is a good way to sit back and watch it unfold….and having a passport, and an eye on a Plan B…aint such a bad idea either)

For some unknown reason, NM has never really attracted me; really not sure why that is. As part of my last road trip (2005) I rode US 54 from Albuquerque way up into Kansas; 54 runs right through Guymon, and I immediately liked it, as long as I was upwind of the feedlots.<g> I’m pretty fond of very small towns.  Rob

its the old story of ‘i didn’t know the chad was hanging’ intent! wj