More finance - sorry...

"By the end of December, he was ``massively in the money,'' said Collas. "Since the beginning of the year his trades became unprofitable." Bloomberg.com...

-------  Sorry but i think it funny that as soon as we aren't in the money anymore someone blows the whistle! My jokes that the reason he looked so uncomfortable and unhappy were probably due to his coldass - Collas - coldass (get it???)  were funnier when i made them a couple years ago..

The trades first came to management's attention on the evening of Jan. 18, when a compliance officer found a trade that exceeded the bank's limits, Mustier said. When Societe Generale called the counterparty, they were told the trade didn't exist.

-------- Impossible. SGCIB is three times larger than SGAM and they matched all counterparty trades put on the system when i was there. The only way it could've happened (at the sgam) was if 1) at least 4 people in the back office did not do their jobs. 2)  at least 3 people in middle office did not do otheir jobs. Considering they are badly paid it was just after the winter vacation ...

The risk department hadn't put together any controls?  The journal said he had back office experience and he got around 5 controls. How does a back officer get around the normally tight lipped risk department controls not to mention the front back and middle office controls - were talking electronic alerts, excel reconciliation tables, etc...

Bouton probably wanted to resign to go to the bahamas and invest the kickbacks paid to him by the counterparties. The board of directors not being idiots probably reigned him in...