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Mon Dieu! French Fraud Costs Bank $7 Billion
FINANCE • Chase CEO Jamie Dimon has some big plans at Davos this year: "Number one on my list is world peace." [MarketBeat/WSJ, DealBook/NYT] • Looks like Steve Schwarzman is green only with greed — his newest moneymaking scheme hinges on building huge coal plants in pristine locales in the American West. [Fortune] • Société Générale, the second biggest bank in France, found that one of its "plain vanilla" traders had taken "massive fraudulent directional positions…far beyond his limited authority" that would ultimately end up costing the bank $7 billion. It is, according to the Times, "an exceptional fraud." Seriously! Quelle balls! [NYT]
Posted 01/24/08 in Daily Intel : Company Town
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