Viewed As World's Second Biggest Scam Of Perhaps All Time
Société Générale, one of the largest banks in Europe, was thrown into turmoil Thursday after it revealed that a rogue employee had executed a series of "elaborate, fictitious transactions" that cost the company more than $7 billion, the biggest loss ever recorded in the financial industry by a single trader.
Daniel Bouton, the Société Générale chairman, said the employee, later identified by other bank employees as Jérôme Kerviel, had confessed to the €4.9 billion fraud, although he did not appear to have profited personally from the trades. The bank has started legal proceedings against the employee, whom the governor of the Bank of France, Christian Noyer, said was currently "on the run."
When asked what was meant by declaring this theft to be only the second biggest scam of all time, Monsieur Noyer replied that nothing can touch former United States Vice President Al Gore's global warming racket which could cost the civilized world trillions.
Pictured: Jérôme Kerviel; the earths second most successful bunko artist.
No comments:
Post a Comment