European Tribune - Comments - [Updated] Links and thoughts on Société Générale and its traders [with SG's explanation]

[Updated] Links and thoughts on Société Générale and its traders [with SG's explanation] | 26 comments (26 topical, editorial, 0 hidden)

Re: Links and thoughts on Société Générale and its (4.00 / 4)

If he did do this on his own, it demonstrates extremely dangerous levels of non-robustness in the financial system. It tells me a Dr. Strangelove moment (in which one actor is able to destroy everything) for the financial world is very possible.

you are the media you consume.

by MillMan (millguy at gmail) on Sat Jan 26th, 2008 at 09:31:33 PM EST

Re: Links and thoughts on Société Générale and its (4.00 / 2)

Yes. At one point, because of small mistakes, we put down two production databases ; I wonder what even a computer guy with bad intentions and good access to the backups could do.

Auferre, trucidare, rapere, falsis nominibus imperium; atque, ubi solitudinem faciunt, pacem appellant.

by linca (antonin POINT lucas AROBASE gmail.com) on Sun Jan 27th, 2008 at 03:23:36 AM EST
[ Parent ]

Re: Links and thoughts on Société Générale and its (4.00 / 2)

The other question I'd ask is how often are the backups checked to see if they actually work?

Life should consist in at least fifty percent pure waste of time, and the rest doing what you please.

by ceebs (bunchofwankers (at) gmail (dot) com) on Sun Jan 27th, 2008 at 06:40:49 AM EST
[ Parent ]

Re: Links and thoughts on Société Générale and its (none / 1)

That wasn't my job but I guess they were checked regularly ; the bank was supposed to survive complete destruction of the headquarters and keep functioning, post 9/11.

Auferre, trucidare, rapere, falsis nominibus imperium; atque, ubi solitudinem faciunt, pacem appellant.

by linca (antonin POINT lucas AROBASE gmail.com) on Sun Jan 27th, 2008 at 06:48:25 AM EST
[ Parent ]

Re: Links and thoughts on Société Générale and its (4.00 / 2)

All trader/client phone conversations are also recorded and archived, are they not?

You can't be me, I'm taken

by Sven Triloqvist on Sun Jan 27th, 2008 at 06:54:02 AM EST
[ Parent ]

Re: Links and thoughts on Société Générale and its (none / 1)

I wouldn't know. I know the trading desk didn't have 'net access, so as to avoid inside stuff.

Auferre, trucidare, rapere, falsis nominibus imperium; atque, ubi solitudinem faciunt, pacem appellant.

by linca (antonin POINT lucas AROBASE gmail.com) on Sun Jan 27th, 2008 at 07:12:51 AM EST
[ Parent ]

Re: Links and thoughts on Société Générale and its (4.00 / 3)

I worked in one place where the backups went to servers in another building, the other building was managed remotely, and checking the backups was one of those jobs that just never got done. Recovery exercises were just one of those things that were easiest to put off in the hectic schedules. Untill youfind a job has come to an end and you've got a spare day till the next one starts. At that point one of the team wanders over to the other building and finds that the backup script is actually failing to save the backups onto the server and has been doing that for three months.

Life should consist in at least fifty percent pure waste of time, and the rest doing what you please.

by ceebs (bunchofwankers (at) gmail (dot) com) on Sun Jan 27th, 2008 at 07:04:39 AM EST
[ Parent ]

Re: Links and thoughts on Société Générale and its (none / 1)

There was a specific service in charge of backup plans, it wasn't an additional task for the usual developers - proper backups are strongly regulated in banking, so I suppose it was properly done.

Auferre, trucidare, rapere, falsis nominibus imperium; atque, ubi solitudinem faciunt, pacem appellant.

by linca (antonin POINT lucas AROBASE gmail.com) on Sun Jan 27th, 2008 at 07:11:34 AM EST
[ Parent ]

Re: Links and thoughts on Société Générale and its (4.00 / 2)

It helps to be in an organisation that recognises that backups are business critical.

Life should consist in at least fifty percent pure waste of time, and the rest doing what you please.

by ceebs (bunchofwankers (at) gmail (dot) com) on Sun Jan 27th, 2008 at 07:45:56 AM EST
[ Parent ]

Re: Links and thoughts on Société Générale and its (none / 1)

Helps to have no choice about it...

Auferre, trucidare, rapere, falsis nominibus imperium; atque, ubi solitudinem faciunt, pacem appellant.

by linca (antonin POINT lucas AROBASE gmail.com) on Sun Jan 27th, 2008 at 12:24:59 PM EST
[ Parent ]

[Updated] Links and thoughts on Société Générale and its traders [with SG's explanation] | 26 comments (26 topical, 0 editorial, 0 hidden)

. Home
. About
. Contact
. New User Guide
. FAQ
. Search
. Search (Google)
. Archives (Wiki)
Art, Economics, Energy, Environment, EU Politics, Mech & Tech, By Country

Username:
Password:

. Make a new account
. Reset password

Recommended Diaries

Beggar Thy Neighbour
by redstar - Dec 2
30 comments

Did the U.S. 2005 Bankruptcy Reform cause the world financial ...
by NBBooks - Dec 2
5 comments

Friedmanite Folly and the Mugabe Option
by ChrisCook - Dec 2
42 comments

Numbers
by Sven Triloqvist - Nov 29
22 comments

So, Ideology is Dead. So now what ?
by ValentinD - Nov 26
272 comments

Oregon Old Growth and W's Last Minute Timber Deal
by jamess - Nov 30
11 comments

Libya sends 3,000 tons of aid to Gaza SHIP TURNED BACK
by shergald - Nov 28
3 comments

The Famine Of 2009
by SacredCowTipper - Nov 27
23 comments

Recent Diaries

Beggar Thy Neighbour
by redstar - Dec 2
15 comments

Obama commits to Middle East peace
by shergald - Dec 2
3 comments

Friedmanite Folly and the Mugabe Option
by ChrisCook - Dec 2
21 comments

Did the U.S. 2005 Bankruptcy Reform cause the world financial ...
by NBBooks - Dec 2
5 comments

LQD: German surveillance revisited
by dvx - Dec 1
7 comments

Oregon Old Growth and W's Last Minute Timber Deal
by jamess - Nov 30
11 comments

Early Friday Photography Blog No 63
by In Wales - Nov 30
46 comments

Numbers
by Sven Triloqvist - Nov 29
11 comments

Food Market On Tracks
by DoDo - Nov 29
16 comments

Breaking the Bailout
by danps - Nov 29
5 comments

Libya sends 3,000 tons of aid to Gaza SHIP TURNED BACK
by shergald - Nov 28
3 comments

Stimulating whose economy?
by Frank Schnittger - Nov 28
14 comments

US = cheap money?
by Jerome a Paris - Nov 28
102 comments

The Famine Of 2009
by SacredCowTipper - Nov 27
23 comments

Making a new case for Lisbon [Update]
by Frank Schnittger - Nov 27
23 comments

LQD: What is work?
by afew - Nov 27
48 comments

Exit Clement
by nanne - Nov 27
23 comments

Chew and Screw
by Lasthorseman - Nov 27
16 comments

So, Ideology is Dead. So now what ?
by ValentinD - Nov 26
136 comments

Social welfare spending to help the economy
by marco - Nov 26
23 comments

More Diaries...

Debates

Campaigns

Occasional Series