Oops I Lost 7 Billion Dollars |
12 Comments |
This piece of news caught my eye this morning… a single trader blamed for 7.15 billion USD fraud at French bank, Societe Generale. I don’t know about you, but if I lose $10 through some kind of fraud, I get pretty upset.
I can’t help to think about the scam in Office Space to sweep the breakage from several accounts. The problem was that it worked too well and the parent company would notice. That was only a few hundred thousand if memory serves. Perhaps they could have gotten away with a billion or two more.
How do you manage to amass so much money and still be careless enough to lose 7 billion dollars by one man’s action?
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January 26th, 2008 at 7:33 am
I’m in Ireland at the moment, and in reading about this became aware that Nick Leeson is now CEO of Galway United football (sawker) club, having been the GM there for a while. He’s holding court there offering his insight into this SocGen situation. It staggers me that someone could luck into what is essentially a dream job (I would give my right arm to run a football club in one of the nicer cities in Europe) given the background he has.
January 25th, 2008 at 4:58 am
Ryuko - I don’t see any conflict of interest. I know plenty of compliance officers who have transitioned into sales or trading roles (in the US) with NO problems at all. You can’t expect everyone to be a criminal just because they have the means and opportunity, then systematically deny them the right to better employment opportunities.
And if you have personal experience regarding securities fraud, you should probably report it to the SEC.