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French Bank Says Rogue Trader Lost $7 Billion - New York Times by w1ld at 10:31 pm EST, Jan 24, 2008
PARIS — A French bank announced Thursday that it had lost $7.2 billion, not because of complex subprime loans, but the old-fashioned way — because a 31-year-old rogue trader made bad bets on stocks and then, in trying to cover up those losses, dug himself deeper into a hole.
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