You Think You Got it Bad?
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The French bank Société Générale stunned financial markets today by revealing that it had been the victim of one of the largest frauds by a rogue trader — losing four times as much as Nick Leeson, the man who sank Barings. The second-biggest French bank said that it had lost €4.9 billion (£3.7 billion) as a result of the rogue trades by a Paris-based trader who concealed his positions through "a scheme of elaborate fictitious transactions". SocGen was forced today into an emergency €5.5 billion capital-raising to shore up its ravaged balance sheet. |
Suddenly I don't feel so bad about my current portfolio.