Friday, January 25, 2008
French Bank Says Rogue Trader Lost $7 Billion
By NICOLA CLARK and DAVID JOLLY
Published: January 25, 2008
Société Générale said the trader made bad bets on stocks and then, in trying to cover up those losses, dug himself deeper into a hole.
Société Générale, one of France’s largest and most respected banks, said an unassuming midlevel employee who made about 100,000 euros ($147,000) a year — identified by others as Jérôme Kerviel — managed to evade multiple layers of computer controls and audits for as long as a year, stacking up 4.9 billion euros in losses for the bank.
Alfred Hitchcock's "Foreign Correspondent"