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

Well, damn.

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

 

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

 

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

 

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

 

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.

 

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

 

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

 

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

 

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.