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NY Times: 'The French bank [create Société Générale] said Thursday that it had uncovered "an exceptional fraud" by a trader that would cost it 4.9 billion euros, or $7.1 billion, and that it was raising about 5.5 billion euros in fresh capital to shore up its finances.'
Interesting times. Nick Leeson's 1995 Barings-busting losses: $1.8 billion.
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