The Face that Sinks a Bank


Rogue trader Jerome Kerviel loses astonishing £3.6billion for bank Societe Generale - four times more than Nick Leeson who sank Barings bank

The amount he lost was four times more than British dealer Nick Leeson who sank Barings bank in 1995. Mr Kerviel worked in SocGen’s Delta One products team in Paris. He has now been sacked. .. SocGen now has to raise 3.6 billion pounds to bail itself out.

I have known for years now that our banking system is just a crack away from a full collapse bring about a worldwide crisis. That has been prophesied for years now.

I just didn't know that it would be this easy. Imagine if there are more of this kind of guys in a few big banks. Greed coupled with dishonesty isn't absent in most traders of this kind. And any computer system as it has proven time and again can't be fool-proof.

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