TASK 1 (Financial Disaster Involving Derivatives):

Socit Gnrale, one of the largest banks in Europe, was thrown into turmoil Thursday after it revealed that a rogue employee had executed a series of "elaborate, fictitious transactions" that cost the company more than $7 billion, the biggest loss ever recorded in the financial industry by a single trader.

I need covering the following points of the financial disaster mentioned above:

• Explanation of strategies and transactions involved.
• What went wrong? How was the loss accumulated?
• Who was/were responsible for the disaster/mishap?
• What lessons are to be learned from the case/disaster?