Before The Bell 01/24/2008

[0:01] ..." bell stock report is brought to you by United Technologies and WBZ financial editor Dave Caruso is here this morning David good morning glory Debra. We saw watching -- 600 point swing yesterday on Wall Street. "...

[0:17] ..." yet all the -- the market that way you know maybe this sub prime isn't as bad as we think it. And you know they were kind of waiting maybe for the next shoe to drop to get they were yesterday is all of -- sudden their particular markets -- maybe it's not too bad and and apparently after the craziness it is almost pulled part of an Emily Le -- no bibles -- again and so yesterday it was so part of that came from the fact that they may be bailing out some of the bond insurers there's there's less your mortgage fallout that it's certainly approve of the markers weren't very oversold so I think the markets -- took over -- the bulls say"...

[3:04] ..." jail and and that was a daring bank soak it says that Wall Street. Anything can happen and it doesn't have to be key employees they always gotta watch out."...

[0:00]" Time for hours before the bell stock report is brought to you by United Technologies and WBZ financial editor Dave Caruso is here this morning David good morning glory Debra. We saw watching -- 600 point swing yesterday on Wall Street. "

[0:12]" After the typical day -- hook -- Oh this this this the neurotic self you know yet all the -- the market that way you know maybe this sub prime isn't as bad as we think it. And you know they were kind of waiting maybe for the next shoe to drop to get they were yesterday is all of -- sudden their particular markets -- maybe it's not too bad and and apparently after the craziness it is almost pulled part of an Emily Le -- no bibles -- again and so yesterday it was so part of that came from the fact that they may be bailing out some of the bond insurers there's there's less your mortgage fallout that it's certainly approve of the markers weren't very oversold so I think the markets -- took over -- the bulls say okay we're going to step by and the shorts. -- the cover their positions which cause of the Mark you're up against so who knows. Public gets really interesting this morning is I don't know if you've heard about this rogue trader that was involved in the six society general -- it was these it's the second largest bank in France. But apparently this trader west flooded they got hints that the thirty year old guy what seven point one billion dollars. Trading for the banks obviously appears to be fraud things that happens in 2007. In 2008 so I think it's interesting it was a purely. Simple transaction he was just along the market as opposed to all of the complicated stuff that we've been talking about it but the treasure trove of some of these mortgages and so apart so the problem here was rent control in the bank was so trying to find this guy apparently had just goes named Jerome prevail occur villain pardon my blog to -- but it was actually interesting because. If the bank was -- these long positions on Monday when the market to get -- and it was Martin Luther King Day in the markets were closed here I cannot put my finger is that -- that some correlation with the bank -- dumping securities last Tuesday and the fact that the markets on Tuesday so I don't have any correlation to -- direct effect but I sure -- private interest that as we see these -- Eric -- but anyway you never know what a thirty year old can do so anyway the -- this -- little -- Delta 41 aspects of two point 2 euros apiece that the public support is cool way output separate 122 rows back over 900 dollars an ounce."

[2:24]" Prior to the first Methodist probably from all the CEOs were calling all the risk managers as they do not have applied. They're big all the brokers in the backers they're they're taking a very close look at the risk prophecies -- In evaluating whether this can happen to them I'm sure that's going on right now although -- but it doesn't happen over here. There which shows the the thirty year old who's making you know probably more blows smaller salary in the in the scheme of things that he can make a mess -- it wasn't a complicated one it was a simple one and it -- topic could be the worst in history from a from local -- local person two -- something. Where there's a lot of money and that the last time we heard about this was nick Leeson who lost one point four billion dollars. Back in 1995% six and a half years in jail and and that was a daring bank soak it says that Wall Street. Anything can happen and it doesn't have to be key employees they always gotta watch out."