Bank hit by €4.9 billion trader fraud
January 24th, 2008
I find the recent news article about a trader at soc gen defrauding the bank for €4.9 billion absolutely incredible. How are these losses not noticed earlier?
PARIS, Jan 24 (Reuters) - Societe Generale (SOGN.PA: Quote, Profile, Research) has uncovered a fraud by one of its traders which will have a 4.9- billion-euro-($7.16 billion) negative impact on the group, France’s second-largest listed bank said on Thursday.
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