Comments on: French bank sets new record for fraud!

By: Rex711

Rex711 — Mon, 28 Jan 2008 06:15:51 +0000

[Comment deleted - Violation of Posting Guidelines. - ed.]

By: zebulon

zebulon — Fri, 25 Jan 2008 09:08:28 +0000

From what I heard in the french news, the trader did NOT make any personal profit from his operations. In fact, they don’t really understand why he did that. The fact is, he was really unlucky: he betted on the rise of the actions market, just when we’ve had a mini-crash…

By: Lou Bix

Lou Bix — Fri, 25 Jan 2008 06:25:35 +0000

As Gilda would say. Nevermind !

By: Li

Li — Fri, 25 Jan 2008 02:33:18 +0000

Because the authorities like to give the impression that the perp has to live in fear, when, if he actually got out of the country with even a fraction of that loot, he could buy himself a private army if he so wished. I suspect someone is going to end up with a lovely island and a nice private security force with orders to shoot Interpol agents on sight.

By: edwinrogers

edwinrogers — Fri, 25 Jan 2008 02:32:42 +0000

Another, “Republicans Abroad” member caught living the American Dream?

By: AdmFubar

AdmFubar — Fri, 25 Jan 2008 02:19:05 +0000

“trader’s whereabouts were unknown. The trader is “on the run,” officials said…”
Ok if his whereabouts are unkown.. then how do they know he is on the run???

By: Mister Catshit

Mister Catshit — Thu, 24 Jan 2008 21:33:10 +0000

I dispute the “record” of 4.9 Billion Euros. Haliburton, and subsidiaries, have made that look like a pittance. Try over $16 billion. And growing.

By: MikeR

MikeR — Thu, 24 Jan 2008 19:29:06 +0000

“computer genius” – knows how to use a mouse

By: OhForTheLoveOf

OhForTheLoveOf — Thu, 24 Jan 2008 19:15:08 +0000

The bank set no record for fraud because the bank did not commit the fraud. The bank was, for lack of a more accurate word… robbed.

By: Li

Li — Thu, 24 Jan 2008 19:06:55 +0000

7 billion will buy one hell of a hideout, wherever he decides to settle down. We’re talking Bond villain quality here. I wonder how much of that he managed to funnel into secure overseas accounts . . . .

By: Ah_Yea

Ah_Yea — Thu, 24 Jan 2008 19:05:50 +0000

This reminds me of a famous true (I remember seeing the article!) event that happened in LA in the 70′s just as computers were becoming widespread. Some smart commodities broker working for (I think it was Bank of America) got a really hot tip on some diamonds which could be turned around in one day for a multi-million dollar profit.

Here is what he did: He created a fake account, transferred millions of bank dollars into this account, bought the diamonds using this account, turned them around for over 2 million dollars pure profit overnight, put the money he used back into the account plus interest, transfered the money in this account back to the general bank fund, and kept the rest for himself.

The “impropriety” was discovered the next day, but he was not arrested and was able to keep his millions because there was no damage to the bank!

They fired him, though….

By: Mark Derail

Mark Derail — Thu, 24 Jan 2008 18:53:33 +0000

I would suddenly be very wary of a young entrepreneur that wants to put power generating satellites in LEO.

Or harnessing power from underwater geothermal vents.

New James Bond is called “Quantum of Solace”.

By: Cinaedh

Cinaedh — Thu, 24 Jan 2008 18:43:49 +0000

Wow, $7.1 billion! Apparently fraud artists are just as greedy as corporate CEOs.

Personally, I would have anticipated more restraint from professional criminals.

By: Improbus

Improbus — Thu, 24 Jan 2008 18:37:37 +0000

Société Générale is French for Enron.