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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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Societe Generale Trading Loss News
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- Reuters: Police make new arrest in SocGen trading scandal (March 12, 2008)
- A colleague of Jerome Kerviel's has been arrested in connection with the Societe Generale trading scandal. According to media, the colleageue was one of Kerviel's friends on Facebook.
- The New York Times: French Bank Offers New Details on Fraud (January 27, 2008)
- "In a five-page document released Sunday, France's second-largest bank also sought to counter the notion that it had disrupted markets by hurriedly selling off the massive positions that Kerviel allegedly built up without authorization."
- Telegraph: Jerome Kerviel behind Societe Generale fraud (January 24, 2008)
- Bloomberg.com: Societe Generale Reports EU4.9 Billion Trading Loss (January 24, 2008)
- WashingtonPost.com: Futures Trader Accused in $7B Bank Fraud (January 24, 2008)
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Societe Generale Trading Loss Blogs and Commentaries
- BloggingStocks: Societe Generale's $7.1 billion fraud: Will managements ever learn? (January 24, 2008)
- FORTUNE Daily Briefing Update: Societe Generale, a fraud for the ages (January 24, 2008)
- CNBC.com: Societe Generale is Hit by 4.9-Billion-Euro Fraud (January 24, 2008)
- Trader Mike: Watchlist and Societe General's Rogue Trader (January 24, 2008)
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