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| French Bank Hit by $7Bn Fraud; 'Rogue Trader' costs SocGen billions | |
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| Tweet Topic Started: Jan 24 2008, 03:49 PM (163 Views) | |
| fordprefect | Jan 24 2008, 03:49 PM Post #1 |
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Just Married
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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!! ![]() 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 BBC news |
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| Norbert | Jan 24 2008, 03:56 PM Post #2 |
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Never mind, it couldn't have happened to a more deserving lot!
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| AndyW76 | Jan 24 2008, 04:22 PM Post #3 |
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Team Boss
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It makes Nick Leeson look almost competent. |
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| Steelstallions | Jan 24 2008, 09:54 PM Post #4 |
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Driver
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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
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| Norbert | Jan 24 2008, 10:15 PM Post #5 |
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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 | Jan 24 2008, 10:22 PM Post #6 |
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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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8:41 AM Jul 11