French bank Societe Generale disclosed one of the biggest alleged frauds in financial history on Thursday, adding to a wave of gloom surrounding world markets battered by credit market losses. SocGen, France's second-biggest listed bank, said it had uncovered an "exceptional fraud" by one of its traders. It said this would cost the group 4.9 billion euros ($7.16 billion) and announced plans to raise 5.5 billion euros through a capital increase to shore up its balance sheet, also reeling from a crisis in global credit markets.
This sure is something else.
1.24.2008
30-Yr-Old Jerome Kerviel Is -$7 Billion Man
POSTED BY Melissa P. @ 8:33 PM
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It makes you wonder, "who's watching the store?" "Things just ain't the same, anytime the hunter gets captured by the game"
http://youtube.com/watch?v=Hobp_tMTa0E
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