SocGen trader loses $7bn on index futures

[BrilloPad]

So that is an extra $7bn floating round the square mile.

I hear rumours that fraud is involved - another Nick Leeson? I thought that was impossible these days?

[BrilloPad]

http://en.wikipedia.org/wiki/List_of_trading_losses

[BrilloPad]

And finally it makes it to the BBC...

http://news.bbc.co.uk/1/hi/business/7206270.stm

[BrilloPad]

http://en.wikipedia.org/wiki/List_of_trading_losses

straight in @ #1, loss pickers..

[FiveTimes]

straight in @ #1, loss pickers..

Not sure its 700.1 billion though

[BrilloPad]

Not sure its 700.1 billion though

wiki has been edited!!!!

this is what i c now...

Guy Newbury) US$700.1 billion United Kingdom Barclays ABB

[BrilloPad]

wiki has been edited!!!!

this is what i c now...

Guy Newbury) US$700.1 billion United Kingdom Barclays ABB

This is what was earlier :-

Undisclosed US$7.1 billion France Societe Generale Equity futures 2008

[MrRobin]

Not sure its 700.1 billion though

Oh dear, someone (Guy Newbury's mate, presumably) is having a laugh...

This was the entry a little while ago

[FiveTimes]

even that would be wrong as his losses were 4.9billion

[HairyArsedBloke]

The bank said it had no more exposure to the trader’s positions, which were identified and analysed on January 19 and 20 – just before stock markets crashed unexpectedly around the world on January 21.

It would be a laugh if he had a massive short position and they closed it out just before the market went south.