Worldwide Collapse of Financial Markets in 2008
Cases in Corporate Ethics 1.1: The year 2008 will go down in American and global economic history as the worst since 1931. The year began with a shock – Société Général of Paris lost 4.9 billion Euros (then, around US$6.8 billion) on the unauthorized speculative positions held by a low-level trader. This presumably gigantic loss was quickly dwarfed by a series of disasters that followed. Some events in this regard are chronicled in this case series.