French bank Societe Generale said Thursday it has uncovered a $7.14 billion fraud - one of history's biggest - by a single futures trader who fooled investors and overstepped his authority.


For some reason when reading this I can't help but think of that scene in Home Alone when Kevin's sister/cousin/whatever gets pissed at him for spilling the milk and says to Kevin:

"You're what the French call 'les incompetents.'"

UPDATE: Scene in Home Alone Here @ 4:22 mark

Societe Generale slammed by $7B fraud

UPDATE 2: A lot of people are saying this might be what spooked the Fed to move so quick the other morning. Interesting that Mssr Rouge-Trader could have such an effect (or that people would give him the power too)