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  1. #1
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    WOW! a $7.14 billion fraud one of history's biggest

    Societe Generale uncovers massive fraud

    PARIS - French bank Societe Generale said Thursday it has uncovered a $7.14 billion fraud one of history's biggest by a single futures trader who orchestrated a series of bogus transactions.
    Societe Generale uncovers massive fraud - Yahoo! News

    That's an awful lot of dosh. Expecting him to make his way to Thailand soon - think I have some properties to sell to him.

  2. #2
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    Quote Originally Posted by chinthee
    think I have some properties to sell to him.
    Sod that, he needs a mansion built for himself

  3. #3
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    Quote Originally Posted by dirtydog View Post
    Quote Originally Posted by chinthee
    think I have some properties to sell to him.
    Sod that, he needs a mansion built for himself
    Could rightly be Thailand's first 10 billion Baht mansion. I know just the cliff too. Let's try to contact him together and get him over here pronto!

  4. #4
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    France wins a new record again !!!


  5. #5
    Tao
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    I believe the French hold the record for the most hands up in the air. It dates back to 1940 or so i'm told...

  6. #6
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    Quote Originally Posted by Tao View Post
    I believe the French hold the record for the most hands up in the air. It dates back to 1940 or so i'm told...
    Tee Hee !


  7. #7
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    Look, everybody, we need to get serious here. There is lots of money in it for all of us. We need to get this joker to Thailand, get him here with a false identity and then soak him dry.

    Who's in?

  8. #8
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    actually the story might be a bit more complex than that, he was apparently following some orders, and he might be just a convenient excuse for bigger sub-prime losses,

    should get very interesting, I think the bank is a little bit suspicious,

  9. #9
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    The man confessed to the fraud, the bank said, and was being dismissed. His supervisors were to leave the group. Bouton offered his resignation but it was rejected by the board.
    Bouton said the fraud was uncovered after the crisis on world markets began late last week, as the trader rushed to close fraudulent positions.
    The man had worked for the bank since 2000 and earned a salary and bonus of less than 100,000 euros ($145,700), executives said.
    "I'm convinced he acted alone," said Jean-Pierre Mustier, chief executive of the bank's corporate and investment banking, who interviewed the trader when the fraud was uncovered.
    Societe Generale Uncovers Massive Fraud: Financial News - Yahoo! Finance

    Not sure where this little dweeb is now, but I'm prepared to hop on a jet tonight to get him to Thailand. First stop LuckyDog bar, and then a visit with me and DD to discuss his new mansion in Phuket.

    * We'll need Butterfly too to cement the relationship and get him some ladyboys.

  10. #10
    Tao
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    Quote Originally Posted by chinthee
    The man had worked for the bank since 2000 and earned a salary and bonus of less than 100,000 euros ($145,700),
    Banks are twats aren't they? They could of said he earned more that 99,000 euros. Saying he earned less than 100,000 just shows us how fat these cats are. Tossers.

  11. #11
    Mid
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    so how much is 7,000,000,000 dollars ??

    well .........

    MGM has announced the largest privatly financed project in the United States, the things listed below are just some of the amenities that this project will feature.


    1: 4,000-room 60-story CityCenter Resort tower.
    2: 165,000-square-foot casino.
    3: 400-room Mandarin Oriental Hotel and Residences.
    4: 400-room The Harmon Hotel/Residences.
    5: 1500-unit Vdara Condo-Hotel tower.
    6: 2 350-unit Veer luxury condo towers.
    7: 500,000 square feet of retail and entertainment space.
    8: 225,000 square feet of convention and meeting space.
    9: 2,000-seat theater
    10: 7,500-car parking garage
    11: Fire station.
    12: People mover transportation system
    13: On-site power plant

    The project is expected to cost 7,000,000,000 dollars and has already broke ground between the Bellagio and the Monte Carlo. The projected completion date is set for 2010.



    stolen from here : UrbanPlanet.org [Powered by Invision Power Board] which google came up with when asked the question .

  12. #12
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    Probably not a fraud as such in which the perp benefits, just some unsupervised trader leveraging up his book to recoup losses.

    Bank is covering its rear, and finance reporters are not eager to look deeper when they've already been handed the sensational headline on a plate. Serves the bank right for not having proper market risk controls and automatic close-outs for breach of VaR limits (none of them do)

  13. #13
    bkkandrew
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    I must say that I find this whole thing rather upsetting. Britain used to be the world leaders in rogue trading, but this French guy's outdone Nick Leeson's £827m loss by more than a factor of four. I say it's time for some of our London boys to get going and show Johnny Frenchman what's what.

  14. #14
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    Leeson got off lucky. Singapore would have slapped his ass silly if given the chance. This French guy is really something. Gotta give him credit.

  15. #15
    bkkandrew
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    On a serious note, there is more to this than meets the eye. Perhaps the FED was duped into the .75% cut (with the resulting consequences for USD values) by this event. See:

    MarketBeat Blog - WSJ.com : Was the Fed Tricked?

    Rogue French Banker

  16. #16
    nid aur yw popeth melyn
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    Beats Nick Leeson and Barings Bank fraud.

  17. #17
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    With all the compliance mess, these days, you would think this would become impossible,

    This proves again that too much security doesn't work, worse, it makes the frauder more sophisticated with more damages to make,

    Banks are idiots anyhow, look at the subprime mess, how more evidence of their stupidity do we need to prove they have no fucking idea what they are doing with our money,

  18. #18
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    The only security that works is security that changes. Put fixed security measures in place and you simply create a set of rules for people who want to get around your security to work by.

  19. #19
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    I've been wondering about the USD, this latest rate cut will certainly keep me away from it for a while yet. Problem is, Sterling doesn't look much better and, after a good ride on the AUD, I no longer trust it if commodities are going to weaken.

    Might have to be Eur/ SFR & THB for me now.
    probes Aliens

  20. #20
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    ^I keep a very small portion of my portfolio in currencies. But, then again, I trust my private bankers too much with these decisions.

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    ^Tip: For those with Private Bankers.

    Don't keep your Kruger Rands in the bath tub, else you'll have nowhere to have a bath.

  22. #22
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    Private Bankers are lame, they will take out and dine clients with their money,

    only worth it if she is pretty and you can bag her every time you meet her, but a bit expensive for a short time,

  23. #23
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    Quote Originally Posted by The_Ghost_Of_The_Moog View Post
    ^Tip: For those with Private Bankers.

    Don't keep your Kruger Rands in the bath tub, else you'll have nowhere to have a bath.
    The way I figure it, is if I have to go back to nothing, I'm a terrible cannibal and will always live.

  24. #24
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    I was a private banker myself for some years, and therefore find it hard to rely on their judgement. I have been relying on my own calls so far this century, will split my options in due course though. I don't find they do so well in uncertain times.

  25. #25
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    Quote Originally Posted by chinthee View Post
    Look, everybody, we need to get serious here. There is lots of money in it for all of us. We need to get this joker to Thailand, get him here with a false identity and then soak him dry.

    Who's in?
    Me !

    Gotta spare room we can hide him in !

    Even Interpol would not think of looking for a Frenchman in an Englishmans house

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