The Biggest Loss Ever
…Thanks To This Guy. Daniel Bouton/Jerome Kerviel Goes Down In History
Société Générale, one of the largest banks in Europe, was thrown into turmoil Thursday after it revealed that a rogue employee had executed a series of “elaborate, fictitious transactions” that cost the company more than $7 billion, the biggest loss ever recorded in the financial industry by a single trader. Daniel Bouton, the Société Générale chairman, said the employee, later identified by other bank employees as Jérôme Kerviel, had confessed to the €4.9 billion fraud.
The bank has started legal proceedings against the employee, whom the governor of the Bank of France, Christian Noyer, said was currently “on the run.” Here’s a list of biggest losses EVER.
