Rogue trader to cost SocGen $7bn

[Byrner]

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Rogue trader to cost SocGen $7bn


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Jerome Kerviel, the reported rogue trader


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French bank Societe Generale says it has uncovered &quot;massive&quot; fraud
by a Paris-based trader which resulted in a loss of 4.9bn euros
($7.1bn; £3.7bn).
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<span style="font-size: x-small">The bank said the fraud was based on simple transactions, but concealed by &quot;sophisticated and varied techniques&quot;.
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<span style="font-size: x-small">While Societe Generale has yet to name the trader, media reports say he is 31-year-old Frenchman Jerome Kerviel.
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<span style="font-size: x-small">The losses are four times greater than those made by Nick Leeson, the rogue trader who brought down Barings Bank.

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<span style="font-size: x-small">Leeson was sentenced to six-and-a-half years in jail.
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Source: (http://news.bbc.co.uk/2/hi/business/7206270.stm)

[aidan1972]

Jeez...way to get the sack from a company.....at least he went with style