Friday, October 17, 2008 10:38:04 AM
Who stole: €600 million Rogue Trading Loss
Obviously the fund is not in the greenspan/paulson gang colluded fund group who plotted this sudden financial melt down to steal money from many.
______________________________________________________________
French Bank Caisse d'Épargne Reveals €600 million Rogue Trading Loss
10/17/2008 10:28 AM ET
Groupe Caisse d'Épargne, a major French mutual bank in talks with rival Groupe Banque Populaire, revealed Friday morning that it had lost €600 million ($807 million) due to rogue trading within its CNCE unit.
"Owing to the extreme volatility of the financial markets and the stock market crash in the week of October 6, Groupe Caisse d'Epargne has suffered a major market incident in its equity derivatives activity, resulting in a loss of approximately €600 million", the company said in a press release.
Caisse d'Épargne assured investors that measures were taken immediately to close the position and discontinue this activity.
"This loss is exclusively related to the proprietary trading activities pursued by CNCE, i.e., activities independent of its treasury department", said Caisse d'Epargne. "Disciplinary action has been taken and the supervisory authorities have been informed."
Obviously the fund is not in the greenspan/paulson gang colluded fund group who plotted this sudden financial melt down to steal money from many.
______________________________________________________________
French Bank Caisse d'Épargne Reveals €600 million Rogue Trading Loss
10/17/2008 10:28 AM ET
Groupe Caisse d'Épargne, a major French mutual bank in talks with rival Groupe Banque Populaire, revealed Friday morning that it had lost €600 million ($807 million) due to rogue trading within its CNCE unit.
"Owing to the extreme volatility of the financial markets and the stock market crash in the week of October 6, Groupe Caisse d'Epargne has suffered a major market incident in its equity derivatives activity, resulting in a loss of approximately €600 million", the company said in a press release.
Caisse d'Épargne assured investors that measures were taken immediately to close the position and discontinue this activity.
"This loss is exclusively related to the proprietary trading activities pursued by CNCE, i.e., activities independent of its treasury department", said Caisse d'Epargne. "Disciplinary action has been taken and the supervisory authorities have been informed."
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
