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.
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:
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