SocGen rogue trader was probably "Black Monday" culprit.

"The huge losses in Europe on Monday -- which caused fright throughout the rest of the world -- probably were caused as much, if not more, by Societe Generale unwinding what had been a big long position in Europe's top stock-market indexes than by any concern about the broader economy."

But the really interesting part is this:

"It also raises the disturbing question of whether the Federal Reserve was spooked into making an emergency rate cut on the back of what was just technical selling. The Fed by its own admission met Monday night - after the overseas selling was clear."

http://www.marketwatch.com/news/story/socgen-probably-black-monday-culprit/story.aspx?guid=%7B9A84342A-D679-45B6-8C93-8804A898FE4E%7D

In the Fed's narrative there were indications taken as promises by Wall Street that even even deeper cuts were coming later this month. (In the face of already skyrocketing inflation.)

societe generale.

and i find that unlikely.

The worldwide panic selling wasn't the fact that the US economy is completely FUBAR and is headed off a cliff. It was that bad guy at the bank in France!

I'm finding this explanation just a little hard to swallow.

$7 billion, when the market lost more the couple hundred billion,

ofcourse you have to question why this poor fella and his company....why?

alittle bit, that poor fucker is being made a scapegoat, the whole company is being made to
carry the load for few, who are still fucking up the world.

Happened few years ago with Nick whats hisname, anyway, in trade when big loss
occurs the bigger companies look for the smaller guys to take the hit.

We need to stop being fooled by the mongrels, they don't give a fuck
about the rest of us, the quicker we unite the better it will be for all
of us in the future.