How many " rougue traders" / ENRONS / are at work this time , and how long till they get " outed "???

The USA is rooted and so are those who are " in bed " with USA

Nothing can save them now

They will squirm like junkies in a detox ward , and pay their undercover agents to gut everybody they can by fair means and foul

BUT the USA is doomed

The rest of the world will benefit once the dust settles , as long as they don't let the USA under cover agents , like Howard , rip the guts out of their countries and hand over all their wealth to prop up the USA and Israel kanga ==== Rogue trader to cost SocGen $7bn

French bank Societe Generale says it has uncovered a fraud by a Paris- based trader which resulted in a loss of 4.9bn euros ($7.1bn; £3.7bn).

It also announced new write-downs of 2.05bn euros related to the sub- prime mortgage crisis in the US.

But it said it would still make a profit of 600m to 800m euros for

2007, despite the blow to its balance sheet.

The bank, one of France's largest, will need to seek 5.5bn euros in new capital to offset the losses.

'Secret trade'

"One trader... had taken massive fraudulent directional positions in

2007 and 2008 beyond his limited authority," the bank said.

It added that the trader had confessed to the fraud and was being dismissed. His managers were to leave the bank as well.

BBC business editor Robert Peston The sheer scale of the loss is overpowering Robert Peston, BBC business editor

Read Robert's report in full "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," said Ion-Marc Valhi at Amas Bank.

Frederic Hamm, fund manager at Agilis Gestion, believes that the fraud "impacts the reputation of the bank".

Chief executive Daniel Bouton offered his resignation but it was rejected by the board, the bank said.

Richard Fuld, the chairman of Lehman Brothers, told BBC News in Davos that "nothing stuns me, nothing really surprises me these days."

Shares in the bank were suspended on Thursday.

Over the past six months, the bank's shares have declined by 50%.

Capital increase

The bank's losses have seriously dented its profits for 2007.

The company will announce its full year results on February 21, and it said that it expect its 2007 net income to be in the range of

600m-800m euros.

Societe Generale is also going to raise 5.5bn euros through a capital increase "to strengthen its capital base".

Meanwhile, another French bank, BNP Paribas, said that "it has not revealed any loss of item that would justify any particular warning to the market".

============================================================some things never change At 1 p.m. on Friday, October 25, several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor. The meeting included Thomas W. Lamont, acting head of Morgan Bank; Albert Wiggin, head of the Chase National Bank; and Charles E. Mitchell, president of the National City Bank. They chose Richard Whitney, vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase a large block of shares in U.S. Steel at a price well above the current market. As amazed traders watched, Whitney then placed similar bids on other "blue chip" stocks. This tactic was similar to a tactic that ended the Panic of 1907, and succeeded in halting the slide that day. In this case, however, the respite was only temporary.

Over the weekend, the events were dramatized by the newspapers across the United States. On Monday, October 28, more investors decided to get out of the market, and the slide continued with a then record loss in the Dow for the day of 13%. The next day, "Black Tuesday", October

29, 1929, 16.4 million shares were traded, a number that broke the record set five days earlier and that was not exceeded until 1969. Author Richard M. Salsman wrote that on October 29--amid rumors that U.S. President Herbert Hoover would not veto the pending Smoot-Hawley Tariff bill--stock prices crashed even further."[4] William C. Durant joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks in order to demonstrate to the public their confidence in the market, but their efforts failed to stop the slide. The DJIA lost another 12% that day. The ticker did not stop running until about 7:45 that evening. The market lost $14 billion in value that day, bringing the loss for the week to $30 billion, ten times more than the annual budget of the federal government, far more than the U.S. had spent in all of World War I.[5]

An interim bottom occurred on November 13, with the Dow closing at

198.6 that day. The market recovered for several months from that point, with the Dow reaching a secondary peak at 294.0 in April 1930. The market embarked on a steady slide in April 1931 that did not end until 1932 when the Dow closed at 41.22 on July 8, concluding a shattering 89% decline from the peak. This was the lowest the stock market had been since the 19th century.[6]

Salsman observed that "As late as April 1942, U.S. stock prices were still 75% below their 1929 peak and would not revisit that level until November 1954--almost a quarter of a century later."[4]

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