And, yes, I DO take it personally: Damn...! We're down the global economic rabbit hole NOW, for sure...!

Mandy: Great blog!
Mark: Thanks to all the contributors on this blog. When I want to get information on the events that really matter, I come here.
Penny: I'm glad I found your blog (from a comment on Think Progress), it's comprehensive and very insightful.
Eric: Nice site....I enjoyed it and will be back.
nora kelly: I enjoy your site. Keep it up! I particularly like your insights on Latin America.
Alison: Loquacious as ever with a touch of elegance -- & right on target as usual!

"Everybody's worried about stopping terrorism. Well, there's a really easy way: stop participating in it."
- Noam Chomsky

Follow @profmarcus

Send tips and other comments to: profmarcus2010@yahoo.com /* ---- overrides for post page ---- */ .post { padding: 0; border: none; }

And, yes, I DO take it personally

Thursday, January 24, 2008

Damn...! We're down the global economic rabbit hole NOW, for sure...!

jumpin' golly gee willikers...

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.

France's central bank and government scrambled to shore up confidence in the banking system after "SocGen", France's second-biggest bank, said it had been the victim of massive and "exceptional" fraud.

Its trading losses spiraled to 4.9 billion euros ($7.1 billion) as the bank tried to close out the rogue positions in Monday's sliding market.

The country's top banker dubbed the trader "a genius of fraud". SocGen declined to give a name, but three sources at the bank named him as Jerome Kerviel, 31, a trader on the bank's award-winning equity derivatives desk earning less than 100,000 euros a year. Kerviel could not be reached for comment.

DAMN, sam...!

Labels: bank fraud, Europe, financial markets, financial meltdown, France, Societe Generale