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Another Trader Loses Lots of Money - $7 Billion to be Exact!
By JLP | January 24, 2008
How does this kind of stuff happen?
Société Générale, one of the largest banks in Europe, was thrown into turmoil Thursday after it revealed that a rogue employee had executed a series of “elaborate, fictitious transactions” that cost the company more than $7 billion, the biggest loss ever recorded in the financial industry by a single trader.
They call them “rogue traders” when they lose money but where the heck was the oversight? Is it possible for a trader to lose $7 billion while his superiors are none the wiser?
Topics: Business News |


