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February 3, 2012 04:05 pm

Credit Suisse Traders Manipulated IT Systems To Hide $500m Losses


New submitter Qedward writes with a snippet from ComputerWorld UK: "Two traders at Credit Suisse have pleaded guilty to wire fraud and falsifying data after authorities said they had manipulated the bank's record systems, as the credit crunch approached, in order to help conceal over half a billion dollars' worth of losses. The traders admitted to circumventing a mandatory real time reporting system introduced by Credit Suisse, manually entering false profit and loss (P&L) figures as the products they handled collapsed in value. They did so, according to the accusations, under heavy pressure from their manager, who has also been charged."

Read more of this story at Slashdot.


Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/EGnJmHjCts4/credit-suisse-traders-manipulated-it-systems-to-hide-500m-losses

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