Thursday, January 24, 2008

Employee of the Month

Yep, this is a sports blog, but sometimes there are other things worth mentioning, especially when it's of historic size or value.

One futures trader cost French bank Societe Generale $7.14B. That's Billion with a big old capital B! That's pretty damn impressive, no matter how illegal. It's on thing to commit fraud, it's wholly another to crank it up to the tune of multiple billions before getting nabbed.

The man admitted to the fraud, the bank said, and was being dismissed.
gee, ya think?

Until last year, the trader had been betting that markets would fall, but then changed his position at the start of this year to bet they would rise.
Ladies and gentlemen, we have our Employee of the Month.

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