I have a French Societe Generale bank account, after the latest scandal is my money safe or should i move it?
Answers: it's safe.
Stay put - we do not want another run on the bank[s] like Northern Rock - it really looks bad and is totally what we do not want right now.
My money is all with the Bank of England - rock solid - oops!
Hello,
(ANS) No! sit tight and DON'T move your money to another bank or account else where, why? because the fraud that took place at Societe Generale could have happened at any major bank any where in the world.
*I am confident that the man who committed this fraud just got himself into a mess with his deals in the early days but was afraid to admit any mistake. So he tried to cover up his losses in order not to loose face, I think he believed he could turn his loses back into positive gains. But the more he tried the deep the hole he dug himself into.
*If anything the failure in this case was down to poor or non existent supervision of trader concerned. Or you could say poor or weak management of the bank at a senior level.
*I would think that as an ordinary customer your money is pretty safe because the bank is still a viable bank, its still trading, it still has assets, its still has currency and so forth.
*If you moved your money there are no guarantee's that another bank couldn't be defrauded either. Staying with your bank means that its more likely to become safer in the long term because any security loop holes with be closed off and supervision will be improved. It just depends how you perceive the risks involved here, its very subjective in my opinion.
Kind Regards Ivan
3.9 Billion?
Where did the money that the investment banker from France lost budge to?Who benefited from this? The money couldn't just hold dissapeared.
Answers: <<<Where did the money that the investment banker from France lost dance to?>>>
My understanding is that he invested contained by derivatives such as futures and options. With futures and option there are two party, a buyer and a seller, as long as the contract exists. For every penny the buyer make, the seller loses a penny. For every penny the dealer makes, the buyer loses a penny.
So, if his investments lost 3.9 billion other party in the investments made 3.9 billion.
<<<Who benefited from this?>>>
The other population on the other side of his trades.
<<<The money couldn't just hold dissapeared.>>>
If he lost money holding stock positions, that money can just disappear. With stocks holdings, once a trade is complete the trader no longer has any financial interest within the position and does not benefit from a decline in the price.
Its close to you buy a car for lb10,000 afterwards sell it for lb3,000 and hang on to doing it, thats what happens beside equities! He bought for one price the market good point would drop and he would be forced to sell for a lower price! The reason is to do it the other way round!
How to find the best auction places for electrical goods and bankrupt stock in the u.k.?
Answers: I don't think there is such a place online (there are sites in the US like liquidation.com). Your best option might be to use Auction Alfie http://www.auctionalfie.com to search all the major auction and classified websites. At least that way it's pretty quick searching...
Ahh you're after the book
Sorry you have to pay for this info
I will watch you answer with interest as I am also trying to find out this info .... what book astroth?
You can buy all this info on Ebay....
Or have a look here. http://www.fatfingers.co.uk/ this is for people who can't spell.
Good luck
Try to post a wanted ad on www.cqout.com
http://www.cqout.com/list.asp?seller=hot...