It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
...undetected for more than a year by its own multilayered security systems.
Originally posted by whoreallyknows
...why have they not named the person who did it.
He was never seen with a partner or friends, never spotted at the market or bringing food home, didn't chat to neighbours, and didn't take holidays.
He was said to have been given counselling by doctors from the bank, where officials painted a portrait of a troubled man with a fragile mental state. A rumour circulated in the financial district that he may have felt suicidal. SocGen said he had acted alone in his own imaginary world.
His father's death was perhaps the only explanation for what the bank said was "family problems". But people in the shops, garage and blacksmith's workshop felt he was being made to carry the can for someone else.
Mr. Bouton insisted Societe Generale is still financially sound, but the bank said it would need to raise about $8 billion in new capital, partly by selling shares in a rights offer underwritten by JPMorgan Chase & Co. and Morgan Stanley.
...the head of the Bank of France that he was a "genius of fraud"
Conspiracy theorists suggest that SocGen is blaming such big losses on a rogue trader in order to cover up something else. Are there wider problems at SocGen which require a scapegoat? The bank announced a €2bn (£1.48bn) writedown on Thursday from US sub-prime losses, but that is small compared with $18bn (£9.08bn) at Citigroup and $14bn at Merrill Lynch.
Originally posted by ChiKeyMonKey
Got two words for this story.
The human lesson of Nick Leeson's fraud
...of the nine Barings executives who were found guilty of misconduct by regulators and one or two who escaped. Those who suffered most seemed to me the ones who denied blame. Appeals dragged on for years, marriages collapsed, people became embittered and dispirited. They never quite removed the albatross from around their necks.