Thursday, January 24, 2008

Worst Employee EVER - $7.16B Lost through Fraud

Overnight, French bank Societe Generali announced it was taking a $7.16 billion loss caused by fraudulent trades made by one of its traders. According to the WSJ, the bank said a single trader who had concealed enormous losses through a scheme of "elaborate fictitious transactions."

Because of his actions, it appears the bank won't offer any employees a bonus for 2007. I am sure they are happy with the thief and with management for allowing it to happen.

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