Here is one for the history books. When I first heard about this my mouth was open for 5 minutes in amazement. Simply stunning. Seven billion
Officials at the French bank Societe Generale, the world’s seventh-largest bank, have uncovered a massive trading fraud that is one of history’s biggest — more than $7 billion.
A 31-year-old trader is the reported mastermind behind the fictitious transactions, but it doesn’t appear that he benefitted personally from the scheme.
Jeff Cane, deputy news editor for Portfolio.com, says the young trader’s extensive knowledge of the bank’s security system helped him conceal his activities.
Here is the 7 Billion Dollar Man himself:
If you think his face looks menacing you should’ve seen me when I blew out my first forex account!
For more detailed info on this event check out this International Herald Tribune article over here
