This video (1min 52sec) tells how Societe Generale Bank Uncovers $7bn Fraud..., the Largest Bank Fraud in History. French bank Societe Generale says it has uncovered a $7bn fraud by a Paris-based trader who has been suspended.
Jerome Kerviel, a 31 year old trader. "This is the man, according to banking sources, who had run up losses of 3.7 British Pounds for his employer, the biggest ever from any rogue trader. Reportedly he is Jerome Kerviel, aged thirty-one, with annual earnings of around 70,000 Pounds a year. His 8 year career at the bank covered administration and more recently share trading.
"So what was he up to? In effect he was gambling on stock markets rising. When they fell, he bet even more to try to recoup his losses. And because he'd worked in administration, he knew how to evade the bank's monitoring systems."
"He seems to have bet on the market going up and he was wrong..."
