Another major trading firm's CEO told me he woke up to an e-mail from his head trader, with the subject line reading, "don't worry, we didn't have much exposure to the bank."
The major question: how does the second largest bank in France not have the technology in its compliance and risk departments to detect these fraudulent activities?
As details came out, the 31-year-old rogue trader had, in fact, worked in the back offices, and was fully aware of the company's transaction security.
Still, at a time when transparency is key for all major financial institutions, this news came as a big surprise.
France's finance minister, attending the forum, called for tighter regulations following the announcement.
But the real news and interesting take-aways from Davos happen in between meetings, and after the sun sets.
Sitting on the sidelines, watching the diverse group of people schmoozing, chasing, and even avoiding others, is mind boggling.
As I sat for one 15-minute break late Thursday morning, Hamid Karzai walked by Mohammed Larijani; across the room, private equity titan Steve Schwarzman sips on coffee; and a bevy of Russian titans gather in a corner.
And then, there are the parties. Wednesday night's Forbes party was a slew of who's who — Michael Dell, NBC's Jeff Zucker, former Harvard president Larry Summers, and the star of the party — YouTube phenom Chad Hurley.
Talking Points — China and India will keep the United States out of a long-term recession. As for the U.S. presidential election: More than eight executives told me they would LOVE to see Bloomberg in the White House, given his business experience.
I was also told, but didn't see firsthand, that a certain Mrs. Google (Sergei Brin's wife) was outside the party, waiting by the bathrooms and asking people for their saliva — telling them they could get their genetic history in return. All of this for a biotech company she runs.
And a few blocks away — supermodel Naomi Campbell got into a chauffeured Benz after walking out of a restaurant, where, I'm happy to say, she was overly nice to the staff.