Ian (ringbark) wrote,

Chester, a week, and Soc Gen

It's been a busy week, which I have spent doing "stuff". After leaving Chester Station on Monday morning, the train continued its casual journey to Lobdon Euston. From there, I got to the office before eleven, something that seems to be approaching a bonus these days.
I don't like to give my employer poor value for money, and it was in any case still quite a busy time: for half the month we have conference calls at five o'clock, and it was still time for that on Monday. The excitement of travelling north to Wembley is not quite what it was. There is a reason why this hotel is the cheapest of all the Hilton owned ones in the London area most weeks.
I don't think anyone will benefit from a blow-by-blow account of journeys on the London Underground this week. mintogrubb will be all to familiar in his professional capacity, while others such as lexin and many others will be well aware of it themselves from a passenger point of view.
On Tuesday, the early evening was spent in the office, and later on it was again time for a Toastmasters meeting. These are always good, and this one saw me give my first speech evaluation for almost three years. Good, but felt rusty to me.
After that, it was upstairs to repay the hospitality of the Shooting Star letting the club have the room, and later on it was back to Wembley Park.
Wednesday was another lively sort of day, though the evening was largely taken up with planning the service for Sunday morning, which I will be leading. I'm sure it will be fine, though the first service plan I produced wouldn't have been.
That takes us up to Thursday. The evening of Thursday was taken up talking variously to pcfreak8, jiggery_pokery and vivh about a variety of subjects, all centred on Risk Management one way or another.
A day at work today, and before you know it I'll be back at Chester Station!

Yesterday was an astounding day, the day that Jerome Terviel was revealed as the perpetrator of the biggest bank fraud the world has ever known. €4,900,000,000 is some serious moolah in anyone's book, and how Societé Génerale didn't notice sooner is beyond me, and beyond most of the people I have spoken to. Reports in The Times suggest that Soc Gen starting to unwind the positions on Sunday night in Europe was the cause of the bloodbath in the Aussie and Asian markets on their Monday morning, which continued as he week went on, resulting in historic falls in most of the markets. Three days on, Soc Gen hit the world with the news, and the information that he is being suspended and that his managers are leaving the Group. Not 'arf! But nobody actually died, so I suppose he'll be out in about five years. Meanwhile, Soc Gen is launching an issue to try to raise €5.5bn to fill the hole in their balance sheet and bring their capital holdings back to where they should be. However, it seems that they might now be a takeover target. Barclays are rumoured to be interested, but I would have thought that anyone with a fiver should be able to pick up a British and a French bank, both basically sound but with a few issues over their management and capital bases. So, who will buy them?
In late 2006, I went to a PRMIA seminar where Mark Lawrence said that, typically, a major disclosed loss will have an impact of around twelve times the value of the original loss. So Soc Gen could reasonably be expected to be looking down the barrel of a gun worth €60billion - well over $1000 for each man, woman and child in France.

That is all
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