French Bank Says Rogue Trader Lost $7 Billion

By NICOLA CLARK and DAVID JOLLY
Published: January 25, 2008
Société Générale said the trader made bad bets on stocks and then, in trying to cover up those losses, dug himself deeper into a hole.

Société Générale, one of France’s largest and most respected banks, said an unassuming midlevel employee who made about 100,000 euros ($147,000) a year — identified by others as Jérôme Kerviel — managed to evade multiple layers of computer controls and audits for as long as a year, stacking up 4.9 billion euros in losses for the bank.
http://www.nytimes.com/2008/01/25/business/worldbusiness/25bank.html?ex=1359003600&en=bbcb2274324e0855&ei=5124&partner=permalink&exprod=permalink