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French Bank Hit by $7Bn Fraud; 'Rogue Trader' costs SocGen billions
Topic Started: Jan 24 2008, 03:49 PM (163 Views)
fordprefect
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A 'Rogue Trader' has gambled away $7Bn of the French bank, Societe Generale's funds.

A bank official said the trader has now been dismissed and they have instructed their legal team to prepare a case against the young man....

the only trouble is they don't know where he is now!!

<doh>

He's the young man in a pin-striped suit, drinking champagne whilst sunning himself on the private beach of his new mansion in the Carribean <roflmao>

BBC news
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Norbert
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Never mind, it couldn't have happened to a more deserving lot!

<roflmao>
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AndyW76
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It makes Nick Leeson look almost competent.
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Steelstallions
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It beggars belief how someone can gamble with a sum that dwarfs Bernie Ecclestone's and Richard Branson's entire wealth combined and not get caught sooner <dunce>
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Norbert
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My boss made a valid point earlier. To lose $7Bn when the market has dropped 10% means that the difference between the buy and sell price was that figure. Therefore, the actual value of the stock being traded is likely to have been around $80Bn...!!
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Norbert
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Steelstallions,Jan 24 2008
09:54 PM
It beggars belief how someone can gamble with a sum that dwarfs Bernie Ecclestone's and Richard Branson's entire wealth combined and not get caught sooner <dunce>

Well, the loss was nearly equivalent. Branson is worth an estimated £3.1Bn, and Ecclestone £2.2M. So that's somewhere around $10Bn. Having said that, Roman Abramovic is worth almost twice the pair of them combined....
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