As J.P.Morgan shares plunge following one of its largest ever trading losses, we list ten of the greatest losses ever suffered in the financial sector.
1. Morgan Stanley loses $9bn on credit default swaps The bank heavily on sub-prime mortgages in a trade which unwound as the US housing market went into a severe downturn, fuelled by excessive lending to people who could not afford the loans in the first place. 2. Société Générale loses $7.22bn thanks to rogue trader Jerome Kerviel In an event now seen as little more than a footnote to the global financial chaos of 2008, Jerome Kerviel - a trader at SocGen - nonetheless gave his bosses a big headache after he built up a €50bn euro trading position. While Kerviel himself ended up...
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