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(January 24th, 2008 under Economic News )Order Namenda over the counter, A low level employee of Societe Generale somehow engineered trades over several years that evaded all of the bank's internal controls and ultimately lost the bank 7 billion dollars, according to news reports today. Order Namenda no prescription, The bank, which also just wrote off about 3 billion dollars due to the "global credit crunch" is now searching for additional capital, buy Namenda online cod. Where can i buy Namenda online, "The bank took the first three days of this week desperately attempting to unwind the positions in what proved to be hostile conditions as markets plunged.
If they had gone up, Namenda over the counter, Ordering Namenda online, the positions might have made gains for the bank, Mr Bouton said, online buying Namenda hcl. Namenda for sale, As it was, they turned into "gigantic and colossal" losses, Namenda price, coupon.
Analysts said that SocGen's unwinding of the massive rogue positions on Monday would have contributed to the violent slump in share prices and may, therefore, have played a part in the surprise decision by the US Federal Reserve to cut American interest rates, order Namenda over the counter. Canada, mexico, india, 'There's a very strong link between the equity futures market and the cash equities market,' one equity strategist at a big bank said, buy Namenda from mexico. Buy Namenda online no prescription, 'It may have influenced Fed thinking.'
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Ion-Marc Valahu, order Namenda online overnight delivery no prescription, Purchase Namenda online no prescription, the head of trading at Amas Bank in Switzerland, said: “I am sorry but I have a hard time buying the fact that a trader was able to set up a ’secret trade’ of €4.9 billion without anybody finding out.”
Carlos Garcia, buy Namenda from canada, Purchase Namenda, a Fortis analyst, said: "The most serious thing is that this puts into doubt the risk management systems at some banks, buy Namenda without prescription. Order Namenda from mexican pharmacy, You can’t suddenly announce from one day to the next a hit of $7 billion.
"In the light of this, purchase Namenda online, Namenda from canadian pharmacy, what we’ve done is to downgrade banks that are very linked to trading income or whose capital base is weak.”
Shares in the bank were initially suspended this morning and fell by 5.5 per cent to €74.75 when trading was resumed in the late morning as credit rating agencies moved to downgrade the bank."
Here is a link: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3242996.ece
Here is a link to another article giving more details on the massive losses and a possible tie to the falling markets world wide as well as to the emergency rate cut by the Federal Reserve: http://www.thisislondon.co.uk/news/article-23433966-details/Rogue+trader+loses+£3.7+BILLION+-+and+'causes+global+market+crash'/article.do
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This entry was posted on Thursday, January 24th, 2008 at 10:33 am and is filed under Economic News .
I saw this on the BBC. How does this type of thing happen!?!? What recourse will the bank have?