Societe Generale uncovers $7bn fraud - 24 Jan 08

Europe's stock markets are going through a volatile time. The affect of this scandal appears to be limited to the bank in question though. Societe General had its shares suspended at one point, after revealing a rogue trader racked-up losses of seven point five billion dollars.

Soc-Gen has more than 20 million customers worldwide.. and as Tim Friend reports it's already under pressure from the global credit crunch.

Category:

News & Politics

Tags:

• news
• business
• rogue
• trading
• societe
• genrerale
• credit
• crunch
• fraud
• seven
• billion
• france
• al
• jazeera

[haldenver]

worked right in the middle of this ( SG equity derivatives ) for many years:unbelievable. Not credible that he did this alone;obvious that senior management must resign.

[Ayeere]

Are you an accountant? I can tell you this, they can make 1 + 1 = 1. Its not that it "dissapeared" its that it never existed in the first place.

[francefer]

Anglais fis de pute, vous allez couler avec votre économie de merde,. Ingères de mierda su economia es una porqueria sus falsas informa Jones nô van ha lograr dextrine la economia francesa

[11gearhead13]

lol....did he think he could get away with all that money? dumbass

[obsidian2012]

Now that is an interesting theory.

[TYX91101]

Some reports are using the word "fraud". Others describe "losses". The second is probably accurate.

Most likely a case of disinformation and damage control wherein a patsy is framed as a "rogue trader" to preserve the illusion of responsible business practices by the bank.

[arifdesign]

maybe i am wrong... i think i have seen the presenter on BBC, or maybe not.

[cptblake]

that bank got just what it deserved...it seems those fat cats pulling in the big money are not as smart as the think they are. if one man can pull down this.

[davecruz70]

This is truly life imitating art. In the 1999 film Rogue Trader, Nick Leeson (Ewan McGregor's character) was competing against SocGen when he started losing big. He was worried SocGen would win the business from Barrings when he started to trade on behalf of his 88888 account.....stranger than fiction