"French bank Societe Generale said Thursday it has uncovered a 4.9 billion euro ($7.14 billion) fraud -- one of history's biggest -- by a single futures trader whose scheme of fictitious transactions was discovered as stock markets began to stumble in recent days.Have class right now, but will be sure to update this later.
CEO Daniel Bouton said the trader's motivations were 'irrational,' netting the trader no personal financial gains. Still, the bank is seeking to have him prosecuted in court.
A person familiar with the case named the trader as Jerome Kerviel. Bank officials said the trader was a Frenchman in his 30s who probably acted alone. The person spoke on condition of anonymity because of the sensitivity of the case.
The bombshell destabilized a major bank already exposed to the subprime crisis."
Thursday, January 24, 2008
More on this one to follow!
Societe Generale uncovers massive fraud: "