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Rogue trader to cost SocGen $7bn [View All]

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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-24-08 04:53 AM
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Rogue trader to cost SocGen $7bn
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Source: BBC NEWS

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.


Read more: http://news.bbc.co.uk/1/hi/business/7206270.stm
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