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

[michael ensor]

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).

http://feeds.reuters.com/~r/Reuters/UKBusinessNews/~3/222136334/idUKL2422020620080124

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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
do...]

www.WellingtonLive.co.nz



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