"If it wasn't so strange, it wouldn't be true. So this guy, unbeknownst to Societe Generale, his employer, made £60 billion in bets on the Footsie and other indexes out there. Then this weekend he was found out, and the bank quickly sold off his positions, causing the markets to tank.
And like the planes hitting the towers gave Cheney what he needed, this charade was the perfect excuse for Bank Bailout Ben to hop into action, dropping rates a historical 3/4 point in an emergency cut."
Keith, Housing Panic