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More BAD News for the French
This one seemed noteworthy because:
- Nobody seems to be learning anything; have these people not heard of Nick Leeson or [more recently, and closer to home] SocGen?
- What on earth is an oil exploration company doing trading mass quantities of currencies anyway? They should leave that to the SWFs, non?
- Someone in France is actually getting fired... :eek:
Maurel & Prom Loses $21.8 Million From Single Trader
By Tara Patel
Aug. 29 (Bloomberg) -- Etablissements Maurel & Prom SA, a French oil explorer, reported a financial loss of 14.8 million euros ($21.8 million) in the first half from one employee's web of trades that may lead to a further shortfall of 21 million euros.
The losses and potential shortfall came from ``a series of complex and structured operations initiated by a single individual and performed out of the group's standards and procedures,'' Paris-based Maurel & Prom said in an e-mailed statement today.
``The extremely complex currency trades'' were structured with many buy and sell options ``that are a total aberration for an industrial company like ours...There is no explanation for this. Even financial experts are having trouble understanding them.''
``This is very unfortunate,'' Henin said... [ya think?]
By Tara Patel
Aug. 29 (Bloomberg) -- Etablissements Maurel & Prom SA, a French oil explorer, reported a financial loss of 14.8 million euros ($21.8 million) in the first half from one employee's web of trades that may lead to a further shortfall of 21 million euros.
The losses and potential shortfall came from ``a series of complex and structured operations initiated by a single individual and performed out of the group's standards and procedures,'' Paris-based Maurel & Prom said in an e-mailed statement today.
``The extremely complex currency trades'' were structured with many buy and sell options ``that are a total aberration for an industrial company like ours...There is no explanation for this. Even financial experts are having trouble understanding them.''
``This is very unfortunate,'' Henin said... [ya think?]