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Rogue trader costs French bank 5B euros (that's over $7 billion, folks)

Discussion in 'Sports and News' started by 2muchcoffeeman, Jan 24, 2008.

  1. 2muchcoffeeman

    2muchcoffeeman Active Member

    Well, damn.

    http://news.bbc.co.uk/2/hi/business/7206270.stm
     
  2. JR

    JR Active Member

    Kinda makes the thread on the truck scam kinda, well, insignificant.
     
  3. EE94

    EE94 Guest

    Read the Leeson book. His actions screamed for investigation, but as much fault lay in his superiors who failed to both notice and to act.

    That this could happen again, to such a degree, is unconscionable for any financial organization
     
  4. Armchair_QB

    Armchair_QB Well-Known Member

    Wonder if he'll get sent to a French Federal Pound Me In The Ass Prison?
     
  5. ThomsonONE

    ThomsonONE Member

    There's a lot more to this than what's been reported so far. The employee that caused a $7 billion dollar loss was just a low level guy making about $100,000 a year? No way. Follow the money. Someone was getting rich off this and it sure wasn't the person being blamed.
     
  6. Simon_Cowbell

    Simon_Cowbell Active Member

    So... a euro is about $1.40.... and a British pound is about $2?
     
  7. jgmacg

    jgmacg Guest

    Yes. So your tax rebate comes in at around 4332 yuan.
     
  8. OnTheRiver

    OnTheRiver Active Member

    In Canada, they get 5,645 bottles of maple syrup.
     
  9. Football_Bat

    Football_Bat Well-Known Member

    He could've stopped at the first billion and absconded to South America to live worry-free for the rest of his life.

    But noooooo! He had to get greedy.
     
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