Societe Generale slammed by $7B fraud

[Soultrader 12]

Another rogue trader at Societe Generale: http://money.cnn.com/2008/01/24/news/international/soc_gen.ap/index.htm?postversion=2008012405

[torero 10]

You gotta love these guys. Talk about faulty money management. I guess he thought GS was his equity balance HAAAAAA HAAAA!. Knowing how tightwad banks are but against all odds, bureaucracy, checks and balances, double checks and double balances, he still manage to fool everyone. Kudos!

 

I wanted to pick up that book about the one that did Lloyds of London, anyone knows the name of the book or author?

[Soultrader 12]

Yep exactly. With managers, risk managers, branch managers, operations, compliance, middle and back office... one trader manages to spit out $7B without anyone knowing. (or maybe a few knew but too afraid to speak out)

[james_gsx 16]

Who was the bank he supposedly did the transaction with that ended up getting him caught?

 

I can't wait till this unfolds some more. It will be interesting to find out his true intentions... and it would make a good movie :o

[Bam-Bam 10]

Hey Torero:

 

Do you mean Barings Bank? If so, the trader was Nick Leeson (just mentioned him in the Official Movie Talk thread). The book and movie are both called Rogue Trader. The book is a great read. The movie could have been a little better but is still entertaining.

 

It's amazing to see something like this can still happen. Seems like if you break the Queen's bank, extensive legislation would be put in place. Just goes to show you opportunities still exist if you dig hard enough, right?

 

Cheers,

 

Bam-Bam

[torero 10]

Right! That's the one. I gotta pick that one up. It would be a good weekend read, I'm sure. I can't for this book to come up too!

[Soultrader 12]

Another interesting article.

[FGeorF 0]

Ten years later, Philippe Ballesio continues to use accounts in Societe Generále to take money from scammed investors.