Sunday, January 27, 2008

Checks by SocGen missed $73 billion wrong-way bet (Reuters)



A man, whom French media are identifying as Societe Generale employee Jerome Kerviel, is seen in this undated photo. The trader at the heart of an alleged 4.9 billion euros ($7.1 billion) fraud at French bank Societe Generale has been identified as Kerviel, three sources within the company said on January 24, 2008. (Handout/Reuters)Reuters - French bank Societe Generale has admitted
that a gap in control systems allowed a junior trader to take a
$73 billion losing bet on European share prices, but defended
its handling of the world's biggest trading scandal.




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