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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?
@@gianniresk5270 yeah XD I'm not radically anti-cop or nothing, but like... every time one of them gets caught doing something they shouldn't, they get off real easily.
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.
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?
@@HeviltheDevil UA-cam 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.
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)
@@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.
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".
@@cleteh I love working in Canada with many, many different cultures and NEVER assume they make decisions the same way I do, or even think the same way. the impact of culture never goes away: even my Chinese wife and i can talk for hours about "democracy" and other progressive issues, but cross her. and OUT comes the Red Guard.
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.
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!
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
I write exotic pricing models for a startup and my boss sometimes suggests I sit in on client calls to hear "how stupid some of their questions are". I first asked "But surely they know what they're doing if they're buying and selling these things?" Oh my naivety.... ESPECIALLY in crypto, dear god...
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
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 ?
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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.
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!
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.
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.
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.
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
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.
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.
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!
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.
Lol this was fun. I find it funny how you can be making upwards of 200 thousand dollars a year on the front desk and get in over your head so much that you feel like you own the bank now and start disregarding every regulation.
11:54 I read a very good book recently called "The Trading Game" and an old trader gives advice early on: always cover your behind. He did not cover his behind.
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.
I’m confused SocGen defined Delta One as product without optionality. It stills allows for options in order to achieve the synthetic Delta One. This is a quote from Sox Gen “Although these products do not have optionality, they can be built from options using the parity between calls and puts”. So why was he fired for using option and this video for mocking him?
Yeah I was wondering about that also. It's not clear from the reporting on the incident how exactly the trades were structured, so maybe they weren't net 1.0 delta in every evolution. Or maybe it was just the downside risk that was the firing offense, even if the trade structure was legit.
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.
With " according to me" he means his understanding of his job description was that he was allowed to trade options, or at least that's his claim rightly or wrongly. In the abscence of any documentation i.e. job descriotion , trading rules for that desk etc. it's hard to judge what was really going on at Soc Gen.
This is so entertaining. The fact that you can report on this with a poker face just blows any of the Netflix series (I canceled my Netflix subscription because they are not even trying anymore).
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😅
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.
Delta farce. (You can't derive a mandate from yourself. You can't give yourself permission to break someone else's rules. You *can* ignore them, or refuse to acknowledge their authority, or point out that some of the rules directly contradict some of the other rules, so no-one can follow all the rules all the time, or calmly point out that the rules as written do not reflect any version of operative reality due to flawed assumptions or poor semantics, and thusly should not be followed because to do that would create total chaos, or in fact any number of logical responses to the imposition of someone else's mental map and the associated cascading logic that derives from it. But 'Nuh-uh, Imma do what I want! Everyone else needs to immediately restrain me if they don't like it!' is toddler logic, even when it's expressed with adolescent level grammar and spelling.)
The major problem of the modern world is this "I am a genius" attitude. There is a reality that is very brutal and that is not negotiable. Our job is to understand it and humble down. If we fight it, we will not win. It's not up to us. I believe trading as a career or a way of making money is practically impossible. The reality cannot just give you something for nothing. If it gives you now, it will take back later. And the reality tells you to stop by making you lose everything. The entire western economies make a major mistake of focusing on trading as a way to develop themselves. These "geniuses" think they don't need lawyers, that they can outsmart everybody else. They don't realize that they are repeating exactly the same mistakes of people coming before them.
Trading is a vaible career and way to get rich. It has nothing to do with attitudes. The issue is our society is vastly under and misregulated on many issues. We have to agree on what is important. In a dystopian future where everyone chases trading, we would revaluate our stance and regualtions on labor. Trading has many positives, you don't need to work your whole life. Take advantage of it. Women aren't evil, but an unregulated and misregulated dating scene leaves many people in shambles. Mostly, retail traders are pretty self-sufficient, the real problem is happening at the Fed. Really, you just need to ban me, because no matter what career I'm placed in, I quickly rise to the top. We really aren't talking about individual people here, and choosing to subject the demographic of young college aged men is nothing short of feminsim. Historically, that is the demographic that has pioneered trading, the same type of young men who work in the oil field too. Nothing has changed.
Some of us are making a living from Trading, unfortunately most people mistake it for a get rich quick scheme. Just like any other profession only a few people become rich from it, some make enough to live and the vast majority loses out
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
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Thanks Patrick, can't wait for your Mandarin lesson
Always sneaking in flexes about your shoe collection 😂
When is your vid about the beef between kendrick lamar and Drake coming out? I need your breakdown.
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?
Kavish might find this useful for improving his English skills.
There is a decline in the quality of rogue traders.
🤣🤣🤣🤣🤣
Maybe Patrick needs to publish a new series "How to become a rogue trader 101" or something
rogue = crooked
@@djsmithe rouge = a type of makeup or reddening similar to it.
@@contentsdiffer5958 lol thanks, I'll fix it
"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."
I mean to be fair that could work in the right curcumstance
@@Floris_VIif you’re a police officer for instance
@@The_Murder_Party Why bring your left wing extremist, hate filled, anti-police rhetoric to this comment?
@@David-ud9jucause its true lol
@@gianniresk5270 yeah XD I'm not radically anti-cop or nothing, but like... every time one of them gets caught doing something they shouldn't, they get off real easily.
“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.
His reads beat anyone from RuPaul's drag race that's for sure. Patrick Boyle's a SAVAGE 😂
Really though😂
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.
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?
@@jimmcneal5292everyone in American Psycho was a VP. That was the joke
@@mattmurphy7030 I don't think it's a joke. Again, if I remember correctly, in finance VP is not a high title
Patrick Bateman approves 👍
VP means nothing. let us know when he becomes MD.
the person is presumed innocent
until he or she become part of the Forbes top 100
Just like SBF and Elizabeth Holmes….
Brilliant 😂
If your in the Forbes top 100, you're definitely guilty of something, you just may not have been caught yet.🤣🤣🤣🤣🤣🤣
Either Forbes Top 100 or Forbes 30 Under 30. Time and again, I found extremely high profile grifters getting a spot at 30 Under 30.
It's about time socgen admits defeat and just rename the Delta One desk to Rogue One.
🤣🤣🤣🤣🤣
That's an underrated comment right there. 😂
😂😂😂
What about Crimson One?
With all their rogue traders, maybe they could partner with Warhammer 40K
I wouldn't even hire Kataria to run my lemonade stand. "According to me, buying 50M lemons was in my mandate..."
The French reputation of being arrogant is clearly undeserved. I was expecting him to challenge someone to a duel with rapiers.
@@Dragon-Believer No, sharpened baguettes.
@@ImNotaRussianBot Hon, hon, hon
@@HeviltheDevil UA-cam 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.
@@Dragon-Believer well, Kavish Kataria is not french so
Gotta love spoiled rich kids sleeping on their university classes then LARPing as traders right afterwards.
ao, traders?
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)
I didn't go to college, I'm not a larper
@@C17HNOno one claimed that
@@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.
“If you’re not going to rely on a lawyer, you can at least rely on spellcheck.” 😂
"Don't blame me, blame them for not stopping me." 😂😂😂
Missed opportunity for a Grammarly ad.
Unfortunately. Babble is still a good pick, but they missed the opportunity to place it at the end of the video.
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".
Ah thank you, was wondering if that's what he meant.
Changes nothing.
Even then, it means he didn't verify it at the supervisory level.
@@sabbirs2423 They never do. According to them, it's the higher-positioned person's job to tell them to stop, and not their job to ask
@@cleteh I love working in Canada with many, many different cultures and NEVER assume they make decisions the same way I do, or even think the same way. the impact of culture never goes away: even my Chinese wife and i can talk for hours about "democracy" and other progressive issues, but cross her. and OUT comes the Red Guard.
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.
Black Monday on the same day as MLK day. You can't make this sh*t up.
Looool
Noticed the connection too...shrewd & diabolical insisting behavior.
Blaq Kang 🖤🖤🖤
Celebrations take many forms I guess
That is in unfunniest joke I ever heard in my life.
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.
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!
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
I write exotic pricing models for a startup and my boss sometimes suggests I sit in on client calls to hear "how stupid some of their questions are".
I first asked "But surely they know what they're doing if they're buying and selling these things?"
Oh my naivety.... ESPECIALLY in crypto, dear god...
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
Thank you for your service 😊
Like it was ever difficult to fool the guys in compliance ...
@@SloverOfTeuth They are kind of dumb aren't they?
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 ?
Damn SOX
Came for the financial insight. Subscribed for the unmatched sass.
I'd pay for Patrick Boyle's masterclass in sass.
@@emeral311me too
@@emeral311 His sassterclass?
@@ProfAzimov I'm wheezing 🤣
The title is promising some sarcasm. Let me get a drink and popcorn 🤗
Please update. I haven’t started yet😂😂😂😂
and let me cleanse this fourteen billion USD debt sheet before start of video or I might feel personally attacked.
The 'Defund Compliance' protest sign got me good 😂
All Compliance Officers Are Bastards
ovenright trade = hot trade; risk re-sporting = making a competition about who can take more risk.
Whereas Boris' Brexit deal was really oven wrong = crap deal
Makes sense when you put it that way.
risk re-sporting is running the competition about who can take more risk one more time
Well, that's mighty embarrassing, isn't it?
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.
"That's often how I feel, too."
rofl
That was a good one. I love Patrick's humor.
NO JUSTiCE -NO PEACE!
Defund Compliance!
Defund all of it! Give the money back to everyone and revert back to a barter based system like in Venezuela!
JUSTICE FOR TRADERS
SAY HIS NAME
Harambe @@mrguitarguygates
@Resolution001
Das Rite!
The Tyler Lopez background photoshop was both artistic, yet intellectually compelling
Thanks for sharing your “KNAWRLEDGE”
As always Patrick
As someone wise once said : "The more you knawleg, the more you Lamborghini"
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Patrick Boyle On Finance aka Patrick Boyle OF 😏
The Kerviel/SBF victim's playbook: "I'm innocent because I wasn't caught right away!"
also, because "I don't think I'm guilty."
I'm here for the sarcasm.
YOUR NOT SUPPOSED TO ADDRESS IT IDIOT THATS PART OF THE WHOLE THING...
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.
"Defund Compliance!" I love it. Why didn't think of it? Arrrghh BOOOYLE !!!! 😁
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!
Mr. Boyle's analysis of financial events: S-tier
Mr. Boyle's sense of humour: God-tier
LMAO the "This is a Disaster! you are on your own!" Clippy image had me cracking
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.
this man is truly an inspiration to us all. any illiterate schmuck can become a VP with hard work and gumption.
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.
As long as you're not a white male, thanks to DEI hiring practices.
"...sentenced to five years in prison, but served only five months." Nothing dodgy there then.
A month for every billion lost, how nice 😂
@@tylerm2676 Indeed! "Nice work if you can get it".
Can't wait to hear about the latest diss-track.
There he is!
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.
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
It's actually pretty common in financial crimes. The higher ups are happy to accept the risky wins, but feign shock and ignorance when it backfires.
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.
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.
Maybe (SocGen) in red font?
-(SocGen) in red font?
Oh my gosh "defund compliance" had me laughing so much. Keep it up Patrick, I love the content.
"Pull yourself together. You're a Vice President. If something happens to the President, you're going to be in charge." LOL
Haha the Ben Bernank. Nice callback, one of my favourites.
Patrick Boyle looks great. Great suit
Impeccable 👌
And CEO's are paid bonuses IRRESPECTIVE of whether their company loses money or not
I don’t usually watch finance channels, but I can’t get enough of Patrick’s videos
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!
That trip to Spain might be the most recalled trip of all time
🤔 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?
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.
"According to me..." 😂😂
I'm usingthat line now, what a champ 🏆
didnt the rogue trader who brought down Barings Bank in the UK also claim that it was the fault of the executives rather than him?
Correct. He was an arrogant little twat.
16:20 “.. . that’s why people often use lawyers, or at the very least, spellcheck”
BRAVO sir 😂😂😂
According to me, this is the best channel on UA-cam
How on earth do you keep such a straight face when being so sarcastic. I'm laughing so much.
Hilarious 😂😂😂😂
I’d imagine with the amount of money this guy has seen he’s pretty desensitized to everything else
Defund Compliance. Finally, a movement I can get behind!
7:47 Vote for Patrick! Defund them all!
Lol this was fun. I find it funny how you can be making upwards of 200 thousand dollars a year on the front desk and get in over your head so much that you feel like you own the bank now and start disregarding every regulation.
You are one of my favorite channels on UA-cam of any type and topic. Thank you !
Wow, my first premier! Like your finance content but especially love your sarcasm.
“According to me “ is my new favorite phrase. There must be many good uses for this 😂
Hired at Hong Kong, in 2021 is all you need to know how rigidly they applied their standards.
11:54 I read a very good book recently called "The Trading Game" and an old trader gives advice early on: always cover your behind. He did not cover his behind.
I'm still waiting for Rap news ...
"That's why people use lawyers, or at the very least, Spellcheck." 😂😂😂
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.
I am so fond of your style! Thank you for this great channel!
I’m confused SocGen defined Delta One as product without optionality. It stills allows for options in order to achieve the synthetic Delta One. This is a quote from Sox Gen “Although these products do not have optionality, they can be built from options using the parity between calls and puts”. So why was he fired for using option and this video for mocking him?
Yeah I was wondering about that also. It's not clear from the reporting on the incident how exactly the trades were structured, so maybe they weren't net 1.0 delta in every evolution. Or maybe it was just the downside risk that was the firing offense, even if the trade structure was legit.
Lol these videos just keep getting better and better! Who the hell knew you could make financial reporting so entertaining!
Your dry wit, stylish commentary and insight are why I follow your work. You're doing Wotan's work, Sir. Carry on.
"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.
Yet another masterclass in subtle sarcasm. Congrats!
"Tengo muchos zapatos y los uso todos" LOL.... Outstanding!
That does it ‼️‼️Patrick has found his new Credit Suisse replacement punching bag ‼️🤣
6:31 He looks like scammer Tai Lopez in drag 😆
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.
Why did he keep saying ACCORDING TO ME? 😂😂😂
Defund compliance!
A rallying call we can all get behind. Great one Patrick.
While I am watching this on UA-cam on my mobile, the next video is for some very dodging looking FX thing. I love how UA-cam lumps these together.
This also has me wondering. Often the case with videos treating these subjects.
With " according to me" he means his understanding of his job description was that he was allowed to trade options, or at least that's his claim rightly or wrongly. In the abscence of any documentation i.e. job descriotion , trading rules for that desk etc. it's hard to judge what was really going on at Soc Gen.
The only rule is Make Money
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.
This is so entertaining. The fact that you can report on this with a poker face just blows any of the Netflix series (I canceled my Netflix subscription because they are not even trying anymore).
I am not hugely interested in quantitative finance; I subscribe to this channel for the low-key sarcasm.👍
THE TAI LOPEZ EDIT
Patrick's sarcasm level here 12:32 - 12:47 went over 9000!
'The worlds poorest man' 🤣. Starving people in Africa sending him their food aid. 🤣
Sometimes I listen to the podcast version on Spotify, but then I miss so many visual jokes. Thanks for the weekend vid! 😊
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😅
Exactly
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.
I’m innocent because I wasn’t caught right away. I’m gonna pee my pants!! 😂😂😂
Holy shit I'm actually on time for one of these
“This is a disaster. You’re on your own.”
LOLLL
Many of my Indian colleagues are also fond of saying the phrase “according to me” when trying to make a point 😂
Delta farce.
(You can't derive a mandate from yourself. You can't give yourself permission to break someone else's rules. You *can* ignore them, or refuse to acknowledge their authority, or point out that some of the rules directly contradict some of the other rules, so no-one can follow all the rules all the time, or calmly point out that the rules as written do not reflect any version of operative reality due to flawed assumptions or poor semantics, and thusly should not be followed because to do that would create total chaos, or in fact any number of logical responses to the imposition of someone else's mental map and the associated cascading logic that derives from it.
But 'Nuh-uh, Imma do what I want! Everyone else needs to immediately restrain me if they don't like it!' is toddler logic, even when it's expressed with adolescent level grammar and spelling.)
The major problem of the modern world is this "I am a genius" attitude. There is a reality that is very brutal and that is not negotiable. Our job is to understand it and humble down. If we fight it, we will not win. It's not up to us.
I believe trading as a career or a way of making money is practically impossible. The reality cannot just give you something for nothing. If it gives you now, it will take back later. And the reality tells you to stop by making you lose everything.
The entire western economies make a major mistake of focusing on trading as a way to develop themselves.
These "geniuses" think they don't need lawyers, that they can outsmart everybody else. They don't realize that they are repeating exactly the same mistakes of people coming before them.
Trading is a vaible career and way to get rich. It has nothing to do with attitudes. The issue is our society is vastly under and misregulated on many issues. We have to agree on what is important. In a dystopian future where everyone chases trading, we would revaluate our stance and regualtions on labor. Trading has many positives, you don't need to work your whole life. Take advantage of it. Women aren't evil, but an unregulated and misregulated dating scene leaves many people in shambles. Mostly, retail traders are pretty self-sufficient, the real problem is happening at the Fed. Really, you just need to ban me, because no matter what career I'm placed in, I quickly rise to the top. We really aren't talking about individual people here, and choosing to subject the demographic of young college aged men is nothing short of feminsim. Historically, that is the demographic that has pioneered trading, the same type of young men who work in the oil field too. Nothing has changed.
Some of us are making a living from Trading, unfortunately most people mistake it for a get rich quick scheme. Just like any other profession only a few people become rich from it, some make enough to live and the vast majority loses out
So glad I found this channel years ago. Top quality content Patrick :)
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
“According to me…,” 🤣
Pat, you feel like an innocent in a broken world...bc you are! ❤️