The Fraudsters are on the move again

http://news.bbc.co.uk/2/hi/business/7206270.stm

they accuse nigerians of being worst fraudsters but nobody can match this guy as he holds the world record now in banking fraud

Imagine for that brilliant effort he got ONLY SIX AND HALF YEARS JAIL TERM

You may never know, the guy fit be naija guy, or have naija blood somehow or coached by a naija fraudster.
What else are we good at?

Topic ain't related to politics in anyways. The guy is a 30 yrs old french citizen and he has gone missing since monday.
A trader for the 2nd biggest bank in france and there have been suggestions that the fed had to cut the interest rate by 75 base point cos the guy traded futures to the tune of 50 billion euros and their was a massive threat of the bank collapsing so they had to do something.
Stock market have rebounded though.

ndubest:

The Fraudsters are on the move again

http://news.bbc.co.uk/2/hi/business/7206270.stm

they accuse nigerians of being worst fraudsters but nobody can match this guy as he holds the world record now in banking fraud

Imagine for that brilliant effort he got ONLY SIX AND HALF YEARS JAIL TERM

The guy didn't engage in the trade for his personal gain. It seems he lost that amount in unauthorised trading trying to save face for the amount he lost earlier in authorized trading.

There is no evidence whatsoever that it was for personal benefit.

He apparently acted alone and did not personally make any money from his fictitious customer accounts. The bank said it was baffled as to his "irrational" motives. But there is a suggestion that he did it to prove the system could be broken. Michel Marchet of the French CGT banking union warned he may have been trying to get spectacular results to boost his bonus.

Kerviel seems to have believed he had uncovered a sophisticated new way to trade that would unleash huge profits for the bank.

http://www.guardian.co.uk/business/2008/jan/25/banking.france

I loved this part:

When the news broke yesterday morning, he had 11 friends on Facebook who steadily deserted his page throughout the day.

@Poster, Maybe you need to spend time actually reading the posts before you run off with your thoughts on it instead. The Man did not do this to defraud anyone of money. He made a mistake and tried to cover it up or even set it right but ended up loosing more money in the process. He was not stealing the money, he was betting it on other deals which he was hoping to make more money but that did not happen.

According to the Dictionary


[b]fraud (frôd)[/b]n.

1. A deception deliberately practiced in order to secure unfair or unlawful gain.
2. A piece of trickery; a trick.
3.
a. One that defrauds; a cheat.
b. One who assumes a false pose; an impostor.

This does not apply as what he was doing was not necessarily unlawful or for personal gain and the story does not state that he did it to cheat anyone.