Friday, February 08, 2008

Bad Banking Judo Moves

France -- He is being described as poised, polite and discreet by those who know him. It is said he taught judo to kids and held the door for his elderly neighbours.

Now, the 31-year-old bank futures trader, who lived in a modest apartment building, is accused of overstepping his authority at the Société Generale to bet as much as $73 billion ... The bank claim their losses may have been 4.9 billion euros, or more than $7 billion.

Media are talking about probably the biggest one-man bank fraud in history. Experts are questioning how one man could be dealing with sums that are comparable to a smaller country's annual economy.

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