SocGen Rogue Trader Loses $7B, Beats Wall Street

Morgan Stanley, Citigroup, and Merrill Lynch are probably kicking themselves for not hiring the rogue trader who blew up Societe Generale this morning with a drawer-full of hidden bad bets. The SocGen fraudster, whose current whereabouts are “unknown,” only racked up $7.1 billion in gambling losses. Wall Street’s best and brightest each vaporized more than twice that.

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