24
Jan
08

Sacre’ Bleu! French Banks Too!

The Bank of France announced on Thursday it has decided to open an inquiry into a suspected fraud which took place at French bank Societe Generale, where a single trader is allegedly responsible for a massive €4.9 billion ($7.2 billion) fraud. So, while the sub-prime meltdown continues on this side of the pond, the recession word keeps getting tossed around, and sovereign wealth funds slowly buy up all these screw-ups, it would appear that the French can still be overrun by one man with a big ego.

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1 Response to “Sacre’ Bleu! French Banks Too!”


  1. February 2, 2008 at 9:21 pm

    There’s more to this than it seems Jeff. The margin calls on such a trade number in the billions and the exchange would have notified SG of the deficit as soon as the trade went against them, which was before 2008. More will come of this but some analysts believe that the FED even knew about this before they lowered rates ahead of their scheduled meeting by.75%, which begs questions, many questions. Glad to see that this is on your radar– keep an eye as events progress and thanks:)

    Kind regards,

    Ian Minton


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