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mark occomore
Joined: 07 Dec 2006
Posts: 9955
Location: UK
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 Posted: Thu Jan 24, 2008 6:18 pm Post subject: Back Office French Rogue Trader Caught |
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French bank Societe Generale says it has uncovered "massive" fraud by a Paris-based trader which resulted in a loss of 4.9bn euros ($7.1bn; £3.7bn).
http://news.bbc.co.uk/1/hi/business/7206270.stm
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It's amazing how one person can do this? Similar to what Nick Lesson did in Singapore all those years ago. Can these banks control their staff? |
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gfloyd
Joined: 07 Dec 2006
Posts: 4861
Location: Here, There, Everywhere.
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| Posted: Thu Jan 24, 2008 6:53 pm Post subject: Re: Back Office French Rogue Trader Caught |
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| mark occomore wrote: |
Can these banks control their staff? |
No.
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His name was ernie ........ and he drove the fastest milk cart in the west..... |
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SantaFefan
Joined: 07 Dec 2006
Posts: 11258
Location: top of the cliffs in Norfolk
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| Posted: Thu Jan 24, 2008 8:16 pm Post subject: |
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I just can't wait for the movie 
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I have heard how radio should be. |
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gfloyd
Joined: 07 Dec 2006
Posts: 4861
Location: Here, There, Everywhere.
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| Posted: Thu Jan 24, 2008 8:41 pm Post subject: |
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| SantaFefan wrote: | | I just can't wait for the movie |
http://www.dailymail.co.uk/pages/live/articles/news/worldnews.html?in_article_id=510089&in_page_id=1811
He doesnt appear to be very interesting
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A rogue trader known as "the invisible man" gambled up to £60 billion in the world's biggest banking fraud disaster.
The dealer, named in reports as trader Jerome Kerviel and believed to be 31 years old, lost an astonishing £3.7 billion for French bank Société Générale.
The bank says it does not know where the trader is and admitted he still has his passport.
Kerviel, who earned less than £75,000 per year - including bonus - was described as a "technical whizkid" loner who hacked in to the bank's immensely sophisticated trading systems.
A SocGen insider said: "That's like hacking in to the Pentagon. And he did it in a way that meant he removed all trace of what he was doing. All the trades were invisible. SocGen could not see anything of what he was doing.
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His name was ernie ........ and he drove the fastest milk cart in the west..... |
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