Thursday, January 24, 2008

Think you're having a bad day in the market?

A rogue trader has a $7.2 billion trading loss, the largest ever. (Bloomberg). Just to give some idea of how large of a loss that is:
The trading loss wipes out almost two years of pretax profit at Societe Generale's investment-banking unit, run by Jean-Pierre Mustier. The company said it's suing the trader, who had a salary and bonus of less than 100,000 euros a year and worked at the bank since 2000.
100,000 euros a year. I guess he can pay it back out of his salary on the installment plan. If they wanted to keep him employed there for some reason.

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