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Thursday, January 24, 2008 05:52:55 AM

BUSINESS

A French Bank Lost $7.1 Billion from Illegal Trades

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There was more bad news from the banking industry today.

Societe General, the second largest bank in France, announced that one of its traders had lost $7.1 billion in illegal transactions.

The news comes as many big banks and financial institutions have lost lots of money in recent months after problems in the American housing market.


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