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Submission + - Credit Suisse traders manipulated IT systems to hide $500m losses (

Qedward writes: 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.

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Credit Suisse traders manipulated IT systems to hide $500m losses

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"Necessity is the mother of invention" is a silly proverb. "Necessity is the mother of futile dodges" is much nearer the truth. -- Alfred North Whitehead