A Clerk Embezzles $7.1  Billion

Jerome Kerviel, an employee of France's Société Générale, swindled more than $7 billion in the biggest financial frauds in history. Jerome Kerviel cooked up phony transactions that cost the French bank Société Générale more than $7 billion and may have contributed to the violent stock-market collapse this week.

Izzie Was The Bank President

The bank said yesterday it picked up on the fraud last weekend and when officials confronted Kerviel he admitted to a "scheme of elaborate fictitious transactions." "It was an extremely sophisticated fraud in the way it was concealed," said Société Générale Chairman Daniel Bouton.

Who, What and Where

The French people lost the $7.1 billion, and a Israeli, or Russian Zionist, has the funds. This was common in America until the SEC passed ERISA (Employee retirement security act) because pension fund managers were skimming. It worked this way, a pension manager named Ira Shapiro bought Vanguard Software stock, which was owned by an associate. After a certain length of time, the company had poor earnings, the stock tanked, and the investors wrote it off as a normal stock downturn.

Think Of A Bag Of Gold Coins, Or A House

Money doesn't vanish, it just transfers hands. In 1929 people lost their houses, but the houses didn't vanish, they just had new owners.

If someone cons you out of your bag of gold coins, they didn't vanish, someone else has them.