Bankers in Shock Over Socgens Huge Loss ; Fraud
Evening Standard - London › January 24, 2008
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Summary
THE news that a junior trader, Jerome Kerviel, had lost Societe Generale e4.9 billion (Pounds 3.7 billion) in fraudulent futures dealing today sent shock waves through the bankers and business leaders meeting in the Swiss resort of Davos.
It was not just the scale of the losses four times Nick Leesons Pounds 860 million which brought down Barings Bank but the fact that SocGen, Frances second-largest bank, is widely regarded as one of the safest financial institutions in the world.See the full content of this document
Extract
Bankers in Shock Over Socgens Huge Loss ; Fraud
It has regularly topped polls and this month was named Equity Derivatives House of the Year by Risk Magazine.
Richard Fuld, chief executive of Lehman Brothers, who is at the World Economi...See the full content of this document
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