[wdvltalk-social] speaking of crime.....

michael ensor edc at wnc.quik.co.nz
Thu Jan 24 18:42:17 GMT 2008

SocGen reels from record rogue trader fraud»
PARIS (Reuters) - The biggest rogue trader scandal in history hit Societe Generale on Thursday as the French bank accused a junior
employee of a fraud costing $7 billion (3.7 billion pounds).



he didn't circumvent five risk management systems, the systems
were not managing the risk.........oh the joys of leverage...........

still one does question whether immediately closing out the
positions was the wisest course [ albeit the 'right' thing to


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