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Societe Generale Trading Loss

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  • Société Générale, the second largest bank in France, uncovered a trading fraud initially argued to be orchestrated by a single employee, Jerome Kerviel. The loss totaled approximately $7 billion dollars. Several questioned whether Kerviel could have acted alone, as he was known as only an average employee. Kerviel himself has said it was impossible that his supervisors did not know what he was doing. On Wednesday, March 12, a second arrest was made in the case.
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