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Thursday, 7 February 2008

Small adjustment to the balance sheet

According to the Times the government is adding £75 billion of Northern Rock exposure to the National Debt.

That is approximately 21 Kerviels (the new international standard for unexpected losses which has supplanted the Leeson).

And in other news, it looks as though SocGen will have to pay tax on Kerviel's 2007 profits, according to Forbes.

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