Friday, January 25, 2008

Financial Scandal News

(For those who wanted to see if the French rogue trader was suave - I think so, although a bit serious. He's described as quite handsome in nearly all the reports I've read. The directors at the Societe Generale must be rolling their eyes at and there is already talk of a film!)

So I went to the bank today to see if I could get a better interest rate for my debt, and I couldn't help needling the director a bit. I mean, the biggest financial scandal in history happens in my bank, and I'm supposed to ignore it?
Moi: I see you're busy this morning (phone ringing off the hook, people rushing everywhere with big files.)
Director: Yes, it's a bit of
Moi: Shock?
D: Er...yes. A bit of a shock.
Moi: Did you know the guy?
D: Of course not!
Moi: He did it on purpose, is that it? To sink the ship so to speak, right? Was he mad at someone in the bank do you think? Was he on his own?
D: He must have really hated someone in the bank to do such a thing. (wipes his forehead with a tissue)
Moi: So, are interest rates going down?
D: No, actually, president Trichet of the European bank has announced they'll probably go up to fight inflation.
Moi: Oh, that's stupid. When the price of oil, corn and wheat shoot up, you're going to have inflation anyway. So, what are your fixed rates like?
D: They're low now.
Moi: Do you know the guy's name? Have they released a photo of him yet?
D: They released his name, I haven't seen a photo yet.
Moi: I just can't believe he did it by himself.
D: Er...That seems to be the case though.
Moi: I mean, how could such a thing happen? And no one saw it coming? It sort of shakes your confidence in the banking system.
D: We have lower interest rates over here. Look at this chart.

(notice how he changed the subject...)
Anyhow, I was wondering if I shouldn't change banks, just to be contrary, but it's quite the pain to change everything.

I did find out that:
The bank knew about it DAYS before it was announced.
The trader probably did NOT act alone.
SOMEONE made a HELL of a lot of money. I wonder if they will ever trace it.
President Sarkozy has ordered the bank to give a FULL report to the minister of finance before the week is out.
I kindof would like to be a rogue trader. It's the idea that's cool. But Who would trust their money with Moi?



Lyn Cash said...

Banking scandal - reminds me of that Ewan McGregor movie, Rogue Trader - lol.

I'd make a lousy trader. Don't have nerves of steel. More like tissue.

Kate R said...

Now if the guy who did it turns out to be a schnook and not someone who's sleek, well dressed and drinks expensive champagne, it'll look bad for France. Y'all gotta have ELEGANT crooks.

You seen a picture of the guy who's lost his job here for being a casanova? Pahhhhthetic.

Wynn Bexton said...

I wonder if they'll make a movie out of this one!?? What a heist!

Sam said...

I know what you mean, Lyn!

Kate - yes, very elegant, actually!

Wynn - they're already talking about it!!

Maura Anderson said...

Wow - interesting.

And here I thought this whole refi crap had me stressed out - glad it wasn't my bank on top of it!

I hope it's over soon.

Did you get the better rate?