1.24.2008

"Oceans 1" : 7.15 Billion dollar bank fraud


London

"A lone "rogue trader" masterminded one of the world's largest banking frauds and cost the giant French bank Societe Generale a breathtaking $7.15 billion.

It is one of the biggest frauds in banking history and believed to be the largest by a single person. It is almost five times the amount lost by Barings Bank trader Nick Leeson, who famously brought down the entire bank in 1995 after concealing losses that amounted to $1.4 billion."-ABCNEWS

Never good.