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This is a topic from the Current Politics and Religious Topics forum on inthe00s.
Subject: Fraud as Rogue Trader to cost Societe Generale $7bn
Written By: Philip Eno on 01/24/08 at 5:07 am
French bank Societe Generale has announced losses of 6.9bn euros ($10.2bn, £5.2bn), blamed on a fraud by its trader and the credit crunch.
Societe Generale said it uncovered a fraud by a Paris-based trader, which resulted in a 4.9bn euros ($7bn) loss.
It also announced new write downs of 2.05bn euros related to the sub-prime mortgage crisis in the US
The bank, one of France's largest, will need to seek 5.5bn euros in new capital to make good the losses.
Full report on BBC News Online
Subject: Re: Fraud as Rogue Trader to cost Societe Generale $7bn
Written By: La Roche on 01/24/08 at 8:28 am
Ruh Roh!
This will only worsen the global economic situation .
Subject: Re: Fraud as Rogue Trader to cost Societe Generale $7bn
Written By: Philip Eno on 01/26/08 at 3:23 pm
It has been assured the bank offical did work alone and has been now arrested by the police.