vendredi 25 janvier 2008

What a week !

This is the week that saw a real Market Crash
Let's call it the January Black Monday, 2008 edition.

It was probably caused by the unwinding of Société Générale's outsized fraudulent positions of a certain Jérome Kerviel.

It's ironic because I used to work for them as a consultant.

They were always very proud of their sophisticated models, their sophisticated traders, and, more generally, their own culture.

This is a perfect example of arrogance being punished.

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