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Another Nick Lesson cost SocGen $7bn

Discussion in 'General Discussions and Lounge' started by temi, Jan 24, 2008.

  1. temi

    temi Facilitator Webmaster

    French bank Societe Generale says it has uncovered "massive" fraud by a Paris-based trader which resulted in a loss of 4.9bn euros ($7.1bn; £3.7bn).
    The bank said the fraud was based on simple transactions, but concealed by "sophisticated and varied techniques".
    It also announced new write-downs of 2.05bn euros related to the sub-prime mortgage crisis in the US.


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