French bank loses billions in employee fraud

[lovuian]

http://feeds.bignewsnetwork.com/?sid=321282

The French bank Societé Generale has become the victim of a multi-billion-dollar fraud.

Last week, France's second largest bank discovered one of its traders had violated the rules governing the trade in futures contracts on the European stock market, resulting in a US$7 loss for the bank.

Societe Generale had its shares suspended after the release of the news.

The serious fraud was allegedly carried out by a member of staff from the bank's financing and investment division.
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Who is watching the books

[Drum]

1. whoaaaaa.

Billions...gawd. That's some serious lucre.

[BobTheSubgenius]

2. Big deal.

The grifters in the US establishment defraud the American taxpayer for that much every week. And brazenly.

The Subject is a bit of a wink. The rest is as serious as a bypass.

[Vinnie From Indy]

3. I have a hard time believing that a single employee could do this

It just seems impossible that any single employee, a thirty one year old no less, would have the authority to play with the amount of money that would expose the bank to a seven billion dollar loss. There is more to this than is being reported I'm sure.

[Mira]

4. This news is rocking Europe - not much about it here - the guy's

bosses, meaning the whole chain of command above him has been fired I was told