Ouch! French bank Societe Generale announced today it was the victim of fraudulent trading by a lone trader at its futures desk. The fraud is somewhere in the neighborhood of $7 billion, putting it well ahead of the Barings bank implosion of the 90s (subject of the film “Rogue Trader”). The news does not bode well for the bank, who’s stock has already taken a beating as a result of the subprime lending crisis.
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