24/01/2008 French bank Société Générale announces $7.14bn fraud
Societe Generale uncovers $7bn fraud - 24 Jan 08
Merrill Lynch CEO reacting to SocGen scandal
Société Générale lost more than $7 billion closing out positions over three days of trading. The bank states these positions were fraudulent transactions created by Jérôme Kerviel, a trader with the company. Kerviel says that the losses were caused by panic selling by the bank.
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