SocGen reels from record $7 billion rogue trader fraud
PARIS (Reuters) - A "massive fraud" by a junior rogue trader has punched a $7 billion hole in the finances of French bank Societe Generale (SOGN.PA), leaving its credibility in tatters and forcing it to get emergency cash.
France's central bank and government scrambled to shore up confidence in the banking system after Societe Generale, France's second-biggest bank, said on Thursday it had been the victim of massive and "exceptional" fraud resulting in losses of 4.9 billion euros...All I can say is "wow". How in the hell do you let $7 billion slip out the door? SocGen may want to re-think its accounting and hiring practices. And how many more ways can you describe this oversight? After all, they used the words "massive" and "exceptional" in the article to explain the magnitude of the fraud. Let us count the adjectives using the trusty ol' Roget's Thesaurus:
huge
enormous
gigantic
immense
colossal
substantial
considerable
humongous
great
vast
mammoth
giantBut wait, there's more:
titanic
monstrous
gargantuan
oversize
large
extremely large
planetary
mighty
mountainous
behemothic
bulky
stupendous
jumbo
tremendous
And I swear to you this came up:
big motherIndeed.
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