Won't Somebody Please Think of The Traders??

Поделиться
HTML-код
  • Опубликовано: 6 июн 2024
  • Start speaking a new language in 3 weeks with Babbel 🎉. Get up to 60% OFF your subscription ➡ Here: go.babbel.com/t?bsc=usa-influ...
    The Société Générale Delta One Desk is back in the news after two traders were dismissed - accused of placing unauthorized risky options trades.
    Kavish Kataria - one of the traders in question - attacked the banks leadership with a LinkedIn post on Thursday saying the “entire risk team and other bosses” were equally responsible for the trades and complaining that his bonus had been withheld.
    The Delta One desk that Kataria worked on is the same trading desk where rogue SocGen trader Jérôme Kerviel caused a $5.2 billion dollar loss in a 2008 scandal that caused the US Federal Reserve to cut rates to stabilize markets.
    SocGen told Bloomberg News earlier this week that two people based in Hong Kong had left last year - a trader and a team leader - after a “one-off trading incident, which didn’t generate any profit impact and led to appropriate mending measures”.
    Patrick's Books:
    Statistics For The Trading Floor: amzn.to/3eerLA0
    Derivatives For The Trading Floor: amzn.to/3cjsyPF
    Corporate Finance: amzn.to/3fn3rvC
    Ways To Support The Channel
    Patreon: / patrickboyleonfinance
    Buy Me a Coffee: www.buymeacoffee.com/patrickb...
    Visit our website: www.onfinance.org
    Follow Patrick on Twitter Here: / patrickeboyle
    Patrick Boyle On Finance Podcast:
    Spotify: open.spotify.com/show/7uhrWlD...
    Apple: podcasts.apple.com/us/podcast...
    Google Podcasts: tinyurl.com/62862nve
    Join this channel to support making this content:
    / @pboyle

Комментарии • 897

  • @PBoyle
    @PBoyle  Месяц назад +52

    Start speaking a new language in 3 weeks with Babbel 🎉. Get up to 60% OFF your subscription ➡ Here: go.babbel.com/t?bsc=usa-influ-eg-dt-1m&btp=default&RUclips&Influencer..May-2024..USA-TATAM..1200m60-yt-patrickboyle-may-2024

    • @crashnreset6987
      @crashnreset6987 Месяц назад +2

      I want to learn Klingon, I won't be staying on this planet for long, it's all gone Pete Tong ;p

    • @MegaLietuvislt
      @MegaLietuvislt Месяц назад +2

      Thanks Patrick, can't wait for your Mandarin lesson

    • @dlxmarks
      @dlxmarks Месяц назад +5

      Always sneaking in flexes about your shoe collection 😂

    • @randalierpirat
      @randalierpirat Месяц назад +1

      When is your vid about the beef between kendrick lamar and Drake coming out? I need your breakdown.

    • @CharlieMile
      @CharlieMile Месяц назад +2

      Feels like an appropriate sponsor, half of the technical terms in this video sound like a foreign language to me 😅, where would be a good place to start learning them?

  • @yellowfish555
    @yellowfish555 Месяц назад +1866

    There is a decline in the quality of rogue traders.

    • @Confucius_Says...
      @Confucius_Says... Месяц назад +38

      🤣🤣🤣🤣🤣

    • @Martin-jm8wi
      @Martin-jm8wi Месяц назад +87

      Maybe Patrick needs to publish a new series "How to become a rogue trader 101" or something

    • @djsmithe
      @djsmithe Месяц назад +9

      rogue = crooked

    • @contentsdiffer5958
      @contentsdiffer5958 Месяц назад +34

      @@djsmithe rouge = a type of makeup or reddening similar to it.

    • @djsmithe
      @djsmithe Месяц назад

      @@contentsdiffer5958 lol thanks, I'll fix it

  • @bernadofelix
    @bernadofelix 28 дней назад +1106

    My advice to new investors: Buy good companies stocks and hold them as long as they are good companies. Just do this and ignore the forecasts and market views which are at best entertaining but completely useless.

    • @SandraDave.
      @SandraDave. 28 дней назад +3

      The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.

    • @DorathyJoy
      @DorathyJoy 28 дней назад +3

      I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.

    • @HectorWhitney
      @HectorWhitney 28 дней назад +1

      Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.

    • @DorathyJoy
      @DorathyJoy 28 дней назад +1

      Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

    • @jones9-
      @jones9- 28 дней назад

      Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.

  • @defenstrator4660
    @defenstrator4660 Месяц назад +329

    “He was briefly the world’s poorest man….” This is why I come here. The knowledge is great but the delivery is what makes it enjoyable.

    • @emeral311
      @emeral311 Месяц назад +4

      His reads beat anyone from RuPaul's drag race that's for sure. Patrick Boyle's a SAVAGE 😂

  • @mastergoblin7205
    @mastergoblin7205 Месяц назад +377

    the person is presumed innocent
    until he or she become part of the Forbes top 100

    • @larryo6874
      @larryo6874 Месяц назад +11

      Just like SBF and Elizabeth Holmes….

    • @markotrieste
      @markotrieste Месяц назад +1

      Brilliant 😂

    • @HotelProductsDirect
      @HotelProductsDirect Месяц назад +5

      If your in the Forbes top 100, you're definitely guilty of something, you just may not have been caught yet.🤣🤣🤣🤣🤣🤣

  • @PhilippKern
    @PhilippKern Месяц назад +284

    Missed opportunity for a Grammarly ad.

    • @Michael_Brown_
      @Michael_Brown_ Месяц назад +4

      Unfortunately. Babble is still a good pick, but they missed the opportunity to place it at the and of the video.

  • @olivert.7177
    @olivert.7177 Месяц назад +47

    "I was not aware this is against the law, because I have done this several times and this is the first time you caught me, Officer."

  • @Lugh314
    @Lugh314 Месяц назад +49

    "Don't blame me, blame them for not stopping me." 😂😂😂

  • @rendarecorrentecomopcoes2336
    @rendarecorrentecomopcoes2336 Месяц назад +288

    It's about time socgen admits defeat and just rename the Delta One desk to Rogue One.

    • @Confucius_Says...
      @Confucius_Says... Месяц назад +3

      🤣🤣🤣🤣🤣

    • @nunyabusiness863
      @nunyabusiness863 Месяц назад +5

      That's an underrated comment right there. 😂

    • @aitoluxd
      @aitoluxd Месяц назад +2

      😂😂😂

    • @Blacklist775
      @Blacklist775 Месяц назад

      What about Crimson One?

    • @bificommander7472
      @bificommander7472 29 дней назад +1

      With all their rogue traders, maybe they could partner with Warhammer 40K

  • @papadoupolous
    @papadoupolous Месяц назад +451

    My friend at BNY became Vice President 1.5 years of experience. They're handing these titles out like candy to obsufcate the actual important people. Such a mafia move.

    • @jimmcneal5292
      @jimmcneal5292 Месяц назад +31

      Isn't vice president a not that high title in corporate world for a long time? Wasn't MC in American Psycho also vice president despite not being anywhere near the top?

    • @mattmurphy7030
      @mattmurphy7030 Месяц назад +143

      @@jimmcneal5292everyone in American Psycho was a VP. That was the joke

    • @jimmcneal5292
      @jimmcneal5292 Месяц назад +33

      @@mattmurphy7030 I don't think it's a joke. Again, if I remember correctly, in finance VP is not a high title

    • @testboga5991
      @testboga5991 Месяц назад +12

      Patrick Bateman approves 👍

    • @hareepjoshi
      @hareepjoshi Месяц назад +22

      VP means nothing. let us know when he becomes MD.

  • @Meitti
    @Meitti Месяц назад +679

    Gotta love spoiled rich kids sleeping on their university classes then LARPing as traders right afterwards.

    • @dblackdrake
      @dblackdrake Месяц назад +9

      ao, traders?

    • @MrMillefail
      @MrMillefail Месяц назад +73

      Kerviel was certainly not that. He started on the back office (in security and fraud detection, amusingly), created some mean excel macro to automate a lot of stuff, impressed his bosses who put him in the front office.
      I worked at the Socgen IT departement for two years, and have a friend who was there for 15. To be honest, the internal politics, and overall management make this news absolutely unsurprising to me. Oudea was a bad CEO., at least on the IT side: Socgen was probably the most high tech French bank in 2011, with a bit of NIH syndrom but a really good tech stack and few, efficient teams. Now its way past his prime, and one of the most costly IT departement for _european_ banks, for the 6th _french_ banck. His successor isn't better, worst on some point, but at least he doesn't believe in fairytales, like "moving to Asia will cut our IT cost by 40%!" (proceed to duplicate your teams, infra, and managers and more than double your cost in a year)

    • @laughattack1204
      @laughattack1204 Месяц назад

      I didn't go to college, I'm not a larper

    • @ege8240
      @ege8240 Месяц назад +2

      ​@@laughattack1204no one claimed that

    • @playman350
      @playman350 Месяц назад +15

      ​@@MrMillefailvery insightful. Especially your last comment. Reminds me of other European banks hiring at job market floor rates in Mumbai and getting very poor quality IT people.

  • @ABC-bm7kl
    @ABC-bm7kl Месяц назад +64

    “If you’re not going to rely on a lawyer, you can at least rely on spellcheck.” 😂

  • @LiberRaider
    @LiberRaider Месяц назад +120

    Came for the financial insight. Subscribed for the unmatched sass.

    • @emeral311
      @emeral311 Месяц назад +13

      I'd pay for Patrick Boyle's masterclass in sass.

    • @dakalodk
      @dakalodk Месяц назад

      @@emeral311me too

    • @ProfAzimov
      @ProfAzimov Месяц назад +6

      ​@@emeral311 His sassterclass?

    • @LiberRaider
      @LiberRaider 25 дней назад +1

      @@ProfAzimov I'm wheezing 🤣

  • @theautisticside
    @theautisticside Месяц назад +221

    I wouldn't even hire Kataria to run my lemonade stand. "According to me, buying 50M lemons was in my mandate..."

    • @Arigator2
      @Arigator2 Месяц назад +21

      The French reputation of being arrogant is clearly undeserved. I was expecting him to challenge someone to a duel with rapiers.

    • @ImNotaRussianBot
      @ImNotaRussianBot Месяц назад +2

      ​@@Arigator2 No, sharpened baguettes.

    • @HeviltheDevil
      @HeviltheDevil Месяц назад +2

      @@ImNotaRussianBot Hon, hon, hon

    • @teaCupkk
      @teaCupkk Месяц назад

      @@HeviltheDevil RUclips promptly offered to translate "Hon, hon, hon". It means "She, she, she", apparently. Can't wait for the algo to take over running everyhing, so we can sit at home, sucking on sweet UBI.

    • @louisazraels7072
      @louisazraels7072 Месяц назад +3

      @@Arigator2 well, Kavish Kataria is not french so

  • @fakhruddinnalawala5451
    @fakhruddinnalawala5451 Месяц назад +68

    In Indian vernacular, "according to me" means something like "in my opinion" or "to the best of my knowledge", rather than something like "I authorised myself to do xyz".

    • @carstenbohme8813
      @carstenbohme8813 Месяц назад +10

      Ah thank you, was wondering if that's what he meant.

    • @teaCupkk
      @teaCupkk Месяц назад +13

      Changes nothing.

    • @sabbirs2423
      @sabbirs2423 27 дней назад +1

      Even then, it means he didn't verify it at the supervisory level.

  • @Duncan94
    @Duncan94 Месяц назад +215

    The 'Defund Compliance' protest sign got me good 😂

    • @desertdude540
      @desertdude540 Месяц назад

      All Compliance Officers Are Bastards

  • @Lawlietho
    @Lawlietho Месяц назад +28

    The joke about Kavish being a VP and having to step up if something happens to the President is the funniest thing I have heard all week.

  • @idontknow1919
    @idontknow1919 Месяц назад +279

    Black Monday on the same day as MLK day. You can't make this sh*t up.

    • @kalomboC
      @kalomboC Месяц назад +15

      Looool

    • @anthonylew183
      @anthonylew183 Месяц назад +19

      Noticed the connection too...shrewd & diabolical insisting behavior.

    • @qweqwe9678
      @qweqwe9678 Месяц назад +6

      oh shet

    • @RichardKing-sx6xc
      @RichardKing-sx6xc Месяц назад +3

      Blaq Kang 🖤🖤🖤

    • @julkiewicz
      @julkiewicz Месяц назад +2

      Celebrations take many forms I guess

  • @beccyvc5743
    @beccyvc5743 Месяц назад +324

    The title is promising some sarcasm. Let me get a drink and popcorn 🤗

    • @Njabulo.Masuku
      @Njabulo.Masuku Месяц назад +4

      Please update. I haven’t started yet😂😂😂😂

    • @BatkoNashBandera774
      @BatkoNashBandera774 Месяц назад +3

      and let me cleanse this fourteen billion USD debt sheet before start of video or I might feel personally attacked.

  • @johnhughes2124
    @johnhughes2124 Месяц назад +65

    As someone who works in compliance ......... you're never getting rid of us we are the Borg we will assimilate your trading desks, resistance is futile. Seriously conducting your legal defence on Linked-in just gives the prosecution more ammo

    • @emeral311
      @emeral311 Месяц назад +5

      Thank you for your service 😊

    • @SloverOfTeuth
      @SloverOfTeuth Месяц назад +5

      Like it was ever difficult to fool the guys in compliance ...

    • @xlerb1637
      @xlerb1637 Месяц назад +1

      @@SloverOfTeuth They are kind of dumb aren't they?

    • @qweqwe9678
      @qweqwe9678 Месяц назад

      lock and load

    • @adrienadrien5940
      @adrienadrien5940 Месяц назад

      Oh yes, I know, you don't understand a thing about the job and focus on cutting bonnus of people if they forgot to do one a the 20 mandatory training or if they forgot to declare a dinner with a broker, that right ?

  • @318ishonk
    @318ishonk Месяц назад +160

    ovenright trade = hot trade; risk re-sporting = making a competition about who can take more risk.

    • @jabberwockytdi8901
      @jabberwockytdi8901 Месяц назад +2

      Whereas Boris' Brexit deal was really oven wrong = crap deal

    • @senormojo
      @senormojo Месяц назад +3

      Makes sense when you put it that way.

    • @davidemiozzi8589
      @davidemiozzi8589 Месяц назад

      risk re-sporting is running the competition about who can take more risk one more time

    • @zetaforever4953
      @zetaforever4953 28 дней назад

      Well, that's mighty embarrassing, isn't it?

  • @AGS363
    @AGS363 Месяц назад +190

    NO JUSTiCE -NO PEACE!
    Defund Compliance!

    • @pablosskates7067
      @pablosskates7067 Месяц назад +17

      Defund all of it! Give the money back to everyone and revert back to a barter based system like in Venezuela!

    • @relwalretep
      @relwalretep Месяц назад +4

      JUSTICE FOR TRADERS

    • @mrguitarguygates
      @mrguitarguygates Месяц назад +6

      SAY HIS NAME

    • @Resolution001
      @Resolution001 Месяц назад +5

      Harambe ​@@mrguitarguygates

    • @johnyewtube2286
      @johnyewtube2286 Месяц назад +4

      @Resolution001
      Das Rite!

  • @rusclassic1
    @rusclassic1 Месяц назад +50

    I once went on a date with a freelance lawyer who teased me, saying, ‘Do you not fully understand what your bank does? I know exactly how my company earns money.’
    This is the challenge Investment Banking faces today: its overly complex processes and business models make it difficult for middle management to discern arrogance from confidence among new joiners.

  • @neuvocastezero1838
    @neuvocastezero1838 Месяц назад +127

    "That's often how I feel, too."
    rofl

    • @maryhadda8420
      @maryhadda8420 25 дней назад +1

      That was a good one. I love Patrick's humor.

  • @RichWithTech
    @RichWithTech Месяц назад +115

    The Tyler Lopez background photoshop was both artistic, yet intellectually compelling
    Thanks for sharing your “KNAWRLEDGE”
    As always Patrick

    • @Mr.JimPickens
      @Mr.JimPickens Месяц назад +15

      As someone wise once said : "The more you knawleg, the more you Lamborghini"

  • @jerrystudent7039
    @jerrystudent7039 Месяц назад +27

    I work in the trading industry (also with a lot of ex Investment Banking-people). My friends often don't believe me when I tell them about the poor risk management, the lack of knowledge on how the business/product works and general incompetency in this industry. So thank you very much for videos like these Mr Boyle. With each of those videos my friends get to see those stories from an industry expert!

    • @philoslother4602
      @philoslother4602 29 дней назад

      I can totally believe that even in the highest of the highest positions, there are many people who have no idea what they are doing and only got to their position by licking the right boots

  • @farcydebop7982
    @farcydebop7982 Месяц назад +29

    The Kerviel/SBF victim's playbook: "I'm innocent because I wasn't caught right away!"

    • @BatkoNashBandera774
      @BatkoNashBandera774 Месяц назад +3

      also, because "I don't think I'm guilty."

    • @habama1077
      @habama1077 Месяц назад +1

      To be fair, the risk management system exists for a reason. And when you think about it, at the end of the day, the one with larger long-term losses (in both customer trust and customer business) will be the bank, not the random-ass trader who went rogue.
      One person is rarely solely responsible for things going wrong in this context. It's usually a sequence of failures. That isn't to say that the problem wasn't the rogue trader in question (because it was), but that simply, there is usually more to the story.

  • @borisbadinoff1291
    @borisbadinoff1291 Месяц назад +27

    "Defund Compliance!" I love it. Why didn't think of it? Arrrghh BOOOYLE !!!! 😁

  • @garyshumway9089
    @garyshumway9089 Месяц назад +56

    Humor with in depth news and education. The authorities are guilty of my crime because I wasn't caught before I committed the crime. Hey, your Mother doesn't work here, dude! Excellent. Thank you!

  • @mickyjagah
    @mickyjagah Месяц назад +122

    I'm here for the sarcasm.

  • @testboga5991
    @testboga5991 Месяц назад +37

    According to me I'm also allowed to take Lambos from the dealer and the fact that I haven't been caught yet clearly proofs that I'm right.

  • @cordfortina9073
    @cordfortina9073 Месяц назад +21

    So bosses know when youre a minute late for work, or how many keystrokes you're doing each minute but cant be expected to know when you've taken a 50bn position on your trading desk. Sounds reasonable.

    • @brianyule1289
      @brianyule1289 15 часов назад +1

      Not reasonable, but probable.

  • @ROMANTIKILLER2
    @ROMANTIKILLER2 Месяц назад +31

    I'm glad to know that if I ever was to apply for a VP position at SocGen, I wouldn't have to worry about grammar and spelling.
    I have also noted that "according to me X was part of my role" is a valid defence statement to use if I'll ever get in trouble at work.

  • @noodlechrist4958
    @noodlechrist4958 Месяц назад +85

    Can't wait to hear about the latest diss-track.

  • @Michael_Brown_
    @Michael_Brown_ Месяц назад +10

    7:25
    As a non-native English speaker myself I am shocked that no one did enforce an autocorrect on his post.
    I assume it's his teacher's fault for not guiding his fingers while typing.

  • @Fleezblarp
    @Fleezblarp Месяц назад +26

    this man is truly an inspiration to us all. any illiterate schmuck can become a VP with hard work and gumption.

    • @zetaforever4953
      @zetaforever4953 28 дней назад

      Quoting another commenter - "ovenright trade = hot trade; risk re-sporting = making a competition about who can take more risk." These were the two major 'grammatical errors' pointed out in the video. The other minor ones can also be chalked up to him clearly not being a native English speaker.

  • @nitiratp
    @nitiratp Месяц назад +8

    Mr. Boyle's analysis of financial events: S-tier
    Mr. Boyle's sense of humour: God-tier

  • @BsktImp
    @BsktImp Месяц назад +29

    "...sentenced to five years in prison, but served only five months." Nothing dodgy there then.

    • @tylerm2676
      @tylerm2676 Месяц назад +4

      A month for every billion lost, how nice 😂

    • @BsktImp
      @BsktImp Месяц назад +2

      @@tylerm2676 Indeed! "Nice work if you can get it".

  • @kurtmueller2089
    @kurtmueller2089 Месяц назад +7

    This whole "they knew what I was doing" reminds me of the scene towards the end of the movie "Margin Call", where it turns out that management knew exactly the risks involved in MBS trading and were just acting surprised in front of the lawyers

  • @PBoyle
    @PBoyle  Месяц назад +51

    Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Paul Rohrbaugh, Douglas Caldwell, Greg Blake, Michal Lacko, Dougald Middleton, David O'Connor, Douglas Caldwell, Carsten Baukrowitz, Robert Wave, Jason Young, Ness Jung, Ben Brown, yourcheapdate, Dorothy Watson, Michael A Mayo, Chris Deister, Fredrick Saupe, Winston Wolfe, Adrian, Aaron Rose, Greg Thatcher, Chris Nicholls, Stephen, Joshua Rosenthal, Corgi, Adi, maRiano polidoRi, Joe Del Vicario, Marcio Andreazzi, Stefan Alexander, Stefan Penner, Scott Guthery, Luis Carmona, Keith Elkin, Claire Walsh, Marek Novák, Richard Stagg, Stephen Mortimer, Heinrich, Edgar De Sola, Sprite_tm, Wade Hobbs, Julie, Gregory Mahoney, Tom, Andre Michel, MrLuigi1138, sugarfrosted, Stephen Walker, Daniel Soderberg, John Tran, Noel Kurth, Alex Do, Simon Crosby, Gary Yrag, Mattia Midali, Dominique Buri, Sebastian, Charles, C.J. Christie, Daniel, David Schirrmacher, Ultramagic, Tim Jamison, Deborah R. Moore, Sam Freed,Mike Farmwald, DaFlesh, Michael Wilson, Peter Weiden, Adam Stickney, Agatha DeStories, Suzy Maclay, scott johnson, Brian K Lee, Jonathan Metter, freebird, Alexander E F, Forrest Mobley, Matthew Colter, lee beville, Fernanda Alario, William j Murphy, Atanas Atanasov, Maximiliano Rios, WhiskeyTuesday, Callum McLean, Christopher Lesner, Ivo Stoicov, William Ching, Georgios Kontogiannis, Dru Hill, Todd Gross, D F CICU, JAG, Pjotr Bekkering, Jason Harner, Nesh Hassan, Brainless, Ziad Azam, Ed, Artiom Casapu, Eric Holloman, ML, Meee, Carlos Arellano, Paul McCourt, Simon Bone, Richard Hagen, joel köykkä, Alan Medina, Chris Rock, Vik, Fly Girl, james brummel, Jessie Chiu, M G, Olivier Goemans, Martin Dráb, Boris Badinoff, eliott, Bill Walsh, Stephen Fotos, Brian McCullough, Sarah, Jonathan Horn, steel, Izidor Vetrih, Brian W Bush, James Hoctor, Eduardo, Jay T, Claude Chevroulet, Davíð Örn Jóhannesson, storm, Janusz Wieczorek, D Vidot, Christopher Boersma, Stephan Prinz, Norman A. Letterman, georgejr, Keanu Thierolf, Jeffrey, Matthew Berry, pawel irisik, Daniel Ralea, Chris Davey, Michael Jones, Alfred, Ekaterina Lukyanets, Scott Gardner, Viktor Nilsson, Martin Esser, Paul Hilscher, Eric, Larry, Nam Nguyen, Lukas Braszus, hyeora,Swain Gant, Kirk Naylor-Vane, Earnest Williams, Subliminal Transformation, Kurt Mueller, KoolJBlack, MrDietsam, Saaientist, Shaun Alexander, Angelo Rauseo, Bo Grünberger, Henk S, Okke, Michael Chow, TheGabornator, Andrew Backer, Olivia Ney, Zachary Tu, Andrew Price, Alexandre Mah, Jean-Philippe Lemoussu, Gautham Chandra, Heather Meeker, John Martin, Daniel Taylor, Nishil, Nigel Knight, gavin, Arjun K.S, Louis Görtz, Jordan Millar, Molly Carr,Joshua, Shaun Deanesh, Eric Bowden, Felix Goroncy, helter_seltzer, Zhngy, lazypikachu23, Compuart, Tom Eccles, AT, Adgn, STEPHEN INGRA, Clement Schoepfer, M, A M, waziam, Deb-Deb, Dave Jones, Julien Leveille, Piotr Kłos, Chan Mun Kay, Kirandeep Kaur, Jacob Warbrick, David Kavanagh, Kalimero, Omer Secer, Yura Vladimirovich, Alexander List, korede oguntuga, Thomas Foster, Zoe Nolan, Mihai, Bolutife Ogunsuyi, Hong Phuc Luong, Old Ulysses, Mann, Rolf-Are Åbotsvik, Erik Johansson, Nay Lin Tun, Genji, Tom Sinnott, Sean Wheeler, Tom, Артем Мельников, Matthew Loos, Jaroslav Tupý, The Collier Report, Sola F, Rick Thor, Denis R, jugakalpa das, vicco55, vasan krish, DataLog, Johanes Sugiharto, Mark Pascarella, Gregory Gleason, Browning Mank, lulu minator, Mario Stemmann, Christopher Leigh, Michael Bascom, heathen99, Taivo Hiielaid, TheLunarBear, Scott Guthery, Irmantas Joksas, Leopoldo Silva, Henri Morse, Tiger, Angie at Work, francois meunier, Greg Thatcher, justine waje, Chris Deister, Peng Kuan Soh, Justin Subtle, John Spenceley, Gary Manotoc, Mauricio Villalobos B, Max Kaye, Serene Cynic, Yan Babitski, faraz arabi, Marcos Cuellar, Jay Hart, Petteri Korhonen, Safira Wibawa, Matthew Twomey, Adi Shafir, Dablo Escobud, Vivian Pang, Ian Sinclair, doug ritchie, Rod Whelan, Bob Wang, George O, Zephyral, Stefano Angioletti, Sam Searle, Travis Glanzer, Hazman Elias, Alex Sss, saylesma, Jennifer Settle, Anh Minh, Dan Sellers, David H Heinrich, Chris Chia, David Hay, Sandro, Leona, Yan Dubin, Genji, Brian Shaw, neil mclure, Francis Torok, Jeff Page, Stephen Heiner, Peter, Tadas Šubonis, Adam, Antonio, Patrick Alexander, Greg L, Paul Roland Carlos Garcia Cabral, NotThatDan, Diarmuid Kelly, Juanita Lantini, hb, Martin, Julius Schulte, Yixuan Zheng, Greater Fool, Katja K, neosama, Shivani N, HoneyBadger, Hamish Ivey-Law, Ed, Richárd Nagyfi, griffll8, Oliver Sun, Soumnek, Justyna Kolniak, Vasil Papadhimitri, Devin Lunney, Jan Kowalski, Roberta Tsang, Shuo Wang, Joe Mosbacher, Mitchell Blackmore, Cameron Kilgore, Robert B. Cowan, Nora, Rio.r, Rod, George Pennington, and Yoshinao Kumaga.

  • @gstlb
    @gstlb 13 дней назад +2

    “According to me “ is my new favorite phrase. There must be many good uses for this 😂

  • @davianoinglesias5030
    @davianoinglesias5030 Месяц назад +11

    Kataria makes a fair point though, I mean, how comes the CEO or the Risk Management department didn't know where Billions of their trading funds were invested?? If a Trader isn't allowed to trade certain assets then the bank should have a system that blocks them from doing so.
    The fact that we only hear about the Bad Trades and never the good ones shows that gambling is standard operating procedure in these Trading Desks.
    I also suspect that these Traders got their jobs through nepotism or some other inappropriate means😅how can a VP fail in basic spelling and punctuation, he cant even use spell check😅

    • @Bannerman1903
      @Bannerman1903 Месяц назад

      Exactly

    • @scalexm
      @scalexm Месяц назад

      Delta one desks trade options all the time because options can be arranged to replicate delta one derivatives (e.g. long European call / short European put both with same strike and same maturity is just a synthetic long forward). From there, you cannot just block option trading completely.
      However, if the risk systems were good enough and stress tests on all parameters were run on a regular basis, they should have been able to identify if a given book clearly hasn’t a delta one payoff when aggregating all the financial instruments traded in the book. The huge concern about their risk management lies here IMO.
      Also, delta one desks don’t use the bank own funds, they trade almost everything on borrowed money (they’re essentially leveraging the balance sheet of the bank), and the typical size of a given trade can be huge (up to a few billions for one trade). Size only is not a good enough indicator of whether rogue trading is happening or not.

  • @ciCCapROSTi
    @ciCCapROSTi Месяц назад +5

    I just don't understand why someone can trade something if they are not allowed. Why their system even allows it to happen in the first place.
    But good video, grammer is importanter!

  • @ahmataevo
    @ahmataevo Месяц назад +8

    In retail it is common for managers to order employees to do something against company policy, terms of service, blatantly illegal etc etc and when the employee is caught deny telling them to do any of that. I'm sure this would happen in other businesses too, especially when they can use the employee as a fall guy should their schemes go wrong.

  • @gordongekko2781
    @gordongekko2781 Месяц назад +6

    "Pull yourself together. You're a Vice President. If something happens to the President, you're going to be in charge." LOL

  • @olleh2399
    @olleh2399 Месяц назад +5

    I do find it strange that a person can be put in charge of hundreds of millions of dollars without having someone tell him what his job is. Perhaps they trust that the trader has received a proper education or has experience from previous work, seems wild to me.

  • @murky024
    @murky024 Месяц назад +15

    Oh my gosh "defund compliance" had me laughing so much. Keep it up Patrick, I love the content.

  • @Paetaor
    @Paetaor Месяц назад +14

    Haha the Ben Bernank. Nice callback, one of my favourites.

  • @surajkumar-uo1xp
    @surajkumar-uo1xp Месяц назад +2

    LMAO the "This is a Disaster! you are on your own!" Clippy image had me cracking

  • @carlgarrett5142
    @carlgarrett5142 Месяц назад +3

    "That's why people use lawyers, or at the very least, Spellcheck." 😂😂😂

  • @jacqueslapidieux3182
    @jacqueslapidieux3182 Месяц назад +21

    Things unlikely to improve at SocGen until they change their logo, probably the worst corporate branding of all time: "The Negative Sign". Maybe the reason they keep attracting the wrong sort of employee.

  • @user-kw5qv6zl5e
    @user-kw5qv6zl5e Месяц назад +5

    And CEO's are paid bonuses IRRESPECTIVE of whether their company loses money or not

  • @effingsix3825
    @effingsix3825 Месяц назад +6

    🤔 I hesitate to ask why I should not be considered for a trading desk, when my mistakes would AT LEAST be within the risk metrics?

  • @GOICOBA
    @GOICOBA Месяц назад +3

    "According to me..." 😂😂
    I'm usingthat line now, what a champ 🏆

  • @sherrylewis6932
    @sherrylewis6932 Месяц назад +4

    How on earth do you keep such a straight face when being so sarcastic. I'm laughing so much.

    • @alepulen
      @alepulen 29 дней назад

      Hilarious 😂😂😂😂

    • @MrRhoidRage
      @MrRhoidRage 23 дня назад

      I’d imagine with the amount of money this guy has seen he’s pretty desensitized to everything else

  • @soccermatrix
    @soccermatrix Месяц назад +3

    "Tengo muchos zapatos y los uso todos" LOL.... Outstanding!

  • @robchang4410
    @robchang4410 Месяц назад +23

    Patrick Boyle looks great. Great suit

  • @hammadiftikhar1637
    @hammadiftikhar1637 Месяц назад +13

    That trip to Spain might be the most recalled trip of all time

  • @jimmurphy7296
    @jimmurphy7296 Месяц назад +2

    “This is a disaster. You’re on your own.”
    LOLLL

  • @Rusminin
    @Rusminin Месяц назад +3

    "The unified theory of Delta One Roguishness" sounds like a great sci-fi novel. I would read the paper, though, just for the name alone.

  • @maitreyakumar4202
    @maitreyakumar4202 Месяц назад +5

    I don’t usually watch finance channels, but I can’t get enough of Patrick’s videos

  • @sanguinor5609
    @sanguinor5609 Месяц назад +6

    Defund Compliance. Finally, a movement I can get behind!

  • @lowproof
    @lowproof Месяц назад +25

    I'm still waiting for Rap news ...

  • @IncredibleMet
    @IncredibleMet Месяц назад +4

    According to me, this is the best channel on RUclips

  • @KennethLarotYamat
    @KennethLarotYamat Месяц назад +2

    Hahaha I loved that Vice President remark! HAHA "you're in charge if something happens to the president:" that's the funniest thing I've ever heard.

  • @nickzivs
    @nickzivs Месяц назад +10

    He looks like a little real GigaChad lol. “Oven right positions” 😂. Must have been trading futures on Mrs. Fields and Little Debbie cookies and snack cakes.

  • @magesalmanac6424
    @magesalmanac6424 Месяц назад +3

    Sometimes I listen to the podcast version on Spotify, but then I miss so many visual jokes. Thanks for the weekend vid! 😊

  • @Confucius_Says...
    @Confucius_Says... Месяц назад +6

    That does it ‼️‼️Patrick has found his new Credit Suisse replacement punching bag ‼️🤣

  • @gregthorne3164
    @gregthorne3164 26 дней назад +2

    “According to me…,” 🤣

  • @__rikaisuru
    @__rikaisuru Месяц назад +1

    We aren't even making fun of them, they are clowning themselves!

  • @TheJamonLance
    @TheJamonLance Месяц назад +3

    according to me i am allowed by my mandate to transfer a 10% fee of my company's funds on any purchase that we do, so if they don't catch me right away i am innocent and refuse to testify in any court or spellcheck

  • @WolfBoehme
    @WolfBoehme Месяц назад +4

    Thank you for standing up for the poor traders. You have opened my mind to their plight. In sympathy with them, I think it's time for me to buy some fashion glasses and reevaluate my hairstyle.

  • @nerdlife206
    @nerdlife206 Месяц назад +1

    "Defund Compliance" 😂😂 Patrick sir, your videos are amazing, thank you

  • @jinngapling6349
    @jinngapling6349 Месяц назад +2

    Hired at Hong Kong, in 2021 is all you need to know how rigidly they applied their standards.

  • @John-ou4rm
    @John-ou4rm Месяц назад +3

    'The worlds poorest man' 🤣. Starving people in Africa sending him their food aid. 🤣

  • @CosmosNut
    @CosmosNut Месяц назад +2

    You are one of my favorite channels on RUclips of any type and topic. Thank you !

  • @thefourhicks
    @thefourhicks Месяц назад +4

    Wow, my first premier! Like your finance content but especially love your sarcasm.

  • @funnyman7515
    @funnyman7515 Месяц назад +1

    Kavish: According to me, fraud is legal.

  • @RobertLopez66
    @RobertLopez66 Месяц назад +1

    Your British humor is impeccable! “In his Wife’s sunglasses “ ILMAO 😂

  • @lucmarchand617
    @lucmarchand617 Месяц назад +2

    This is one reason credit suisse was in hot water.we got same problems here canada bay street or mainstreet do rougue traders,i was one victims myself here calgary alberta.lots high end accounts are on radars when rougue traders mess around.thanks again expose this.😮

  • @davegubbins4428
    @davegubbins4428 Месяц назад +1

    The' VP new look' joke is outstanding.

  • @vasari9198
    @vasari9198 Месяц назад +5

    I am not hugely interested in quantitative finance; I subscribe to this channel for the low-key sarcasm.👍

  • @mururoa7024
    @mururoa7024 Месяц назад +1

    I think his glasses are the "I'm guilty" model from Gucci.

  • @margorana2628
    @margorana2628 Месяц назад +5

    0:18 HOLY DEEP CUTS ALMIGHTY!

  • @danroberts007
    @danroberts007 Месяц назад +1

    The higher-than-usual number of jump cuts in this video leads me to believe that numerous "bloopers" where Patrick Boyle may or may not have smiled during taping were understandably removed from the final cut.

  • @jeroenvs1790
    @jeroenvs1790 Месяц назад +5

    Yet another masterclass in subtle sarcasm. Congrats!

  • @inocent007
    @inocent007 27 дней назад +1

    I’m innocent because I wasn’t caught right away. I’m gonna pee my pants!! 😂😂😂

  • @Alorand
    @Alorand Месяц назад +4

    What I would really love to know is who was the world's poorest man who paid back their debts instead of declaring bankruptcy or defaulting on the debt.

  • @rileylamb3025
    @rileylamb3025 Месяц назад +1

    Lol these videos just keep getting better and better! Who the hell knew you could make financial reporting so entertaining!

  • @samskyset
    @samskyset Месяц назад +10

    THE TAI LOPEZ EDIT

  • @robertpearce8394
    @robertpearce8394 Месяц назад +8

    While I am watching this on RUclips on my mobile, the next video is for some very dodging looking FX thing. I love how RUclips lumps these together.

    • @Michael_Brown_
      @Michael_Brown_ Месяц назад +1

      This also has me wondering. Often the case with videos treating these subjects.

  • @benjespina
    @benjespina 29 дней назад +2

    Why did he keep saying ACCORDING TO ME? 😂😂😂

  • @shadowwarsshadypeople6299
    @shadowwarsshadypeople6299 Месяц назад +1

    You make me laugh out loud, and I appreciate it. Thank you for the videos and your time

  • @TuEIite
    @TuEIite Месяц назад +3

    Defund compliance!
    A rallying call we can all get behind. Great one Patrick.

  • @yarghhargh9345
    @yarghhargh9345 Месяц назад +1

    0:17 talking bear videos will always be funny to me, so many good medical and economics related ones

  • @SaHaRaSquad
    @SaHaRaSquad Месяц назад +1

    Feels like SocGen could make their risk detection system a lot more effective by just counting the number of spelling mistakes of their employees.

  • @citywitt3202
    @citywitt3202 12 дней назад +1

    I’m honestly amazed the bank spotted it in 4 months.

  • @sdaiwepm
    @sdaiwepm 27 дней назад +1

    According to me, "ovenright" is an excellent word that deserves greater visibility.

  • @c.d.a-sx7bg
    @c.d.a-sx7bg Месяц назад +1

    All the videos in this series are good, but THIS one is one of the best!

  • @csward5380
    @csward5380 Месяц назад +1

    "defund compliance" got me good Patrick lol