The French and Societe Generale - The First Story!

While we wonder about Madoff and how he managed for so long what he did - billions. A story last January in France is even bigger, given the fact the wealth of France is ... less than what Madoff was dealing with.

Societe Generale Hit By €4.9 Billion Crime

French bank Societe Generale has revealed that it has been hit by one of the biggest alleged cases of fraud in banking history. The bank discovered that fraud by one of its traders had led to losses of €4.9 billion.

That is $10 billion US dollars. Considerably less than Madoff, but a GREAT DEAL CONSIDERING where it took place.

When the world wonders about the fraud and greed and wealth that exists in the US, they need look no further than France for reassurance that we learned from the Euros all the crimes we have committed here, in our banking institutions.





Euro crimes