Thursday, January 24, 2008

rogue trader lost 7.2 bil for Societe Generale

-- Societe Generale SA said unauthorizedbets on stock index futures by an unidentified employee caused a4.9 billion-euro ($7.2 billion) trading loss, the largest inbanking history. --Societe Generale joins a list of at least five financialfirms since the start of the 1990s to suffer losses fromunauthorized trades, including Kidder Peabody, Barings, andAllied Irish Banks Plc.

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