01.27.08
French bank, Societe Generale has stated that a 31 year old rogue trader named Jerome Kerviel has cost the bank upward of 7 billion in a series of fraudulent trading scams. It is being tauted as the most expensive cases of fraud in trader history. Other sources have reported the Kerviel blamed part of his dealings on troubles at home with his father’s death. His father must have died pretty horrifically to justify stealing 7 billion dollars. It is a whole new era when a single human being can be responsible for losing such a vast some of money. It reminds me of the 12 billion that was flown, in all it’s literal physical bulk, into Iraq and massive sums of it were lost. Except that was a government responsible for that blunder, not a single rogue trader.
