Via Bloomberg:

Societe Generale SA said bets on stock index futures by a rogue trader caused a 4.9 billion-euro ($7.2 billion) trading loss, the largest in banking history. Jerome Kerviel, 31, was the trader responsible, the Paris- based bank said today. Societe Generale plans to raise 5.5 billion euros from shareholders after the loss and subprime-related writedowns depleted capital. The Bank of France, the country's banking regulator, is investigating the alleged fraud.

Talk about stock market crash and investors losing money. What an idiot. Never heard of risk management, asset allocation, or portfolio rebalancing?