'Just one trader'
Did one trader
really cause this week's havoc in markets? The world's markets are facing much bigger problems than one bank's $7 billion loss. But Jérôme Kerviel's antics are still scary and undoubtably intensified this week's frenzy at a critical time. ... Also scary: 1.) French regulators allowed Societe Generale to secretly dump its fraud losses onto unsuspecting chumps over the weekend (voila!
- problème finis!
) 2.) the Fed didn't have a clue about the $7 billion fraud until after its rate cut on Tuesday. ... Makes you feel real confident in the global banking system, doesn't it? ...