Imagine a warehouse full of dollar bills – seven billion of them. Now imagine someone throwing a match in.
That\’s Nicola Horlick on the Soc Gen affair. Really, you would think that she at least would know better.
It hasn\’t been a destruction of wealth. It\’s been a transfer. Equity derivatives are a zero sum game.
I hadn\’t known she was involved in the Peter Young affair though. That was a really wonderful scandal.