Friday, January 25, 2008

Rogue Trader: Jerome Kerviel at Societe Generale

You will have read about Jerome Kervie. His deals lost French bank Societe Generale £3.71 billion, it seems he was able to counteract risk management measures due to his previous job in administration.

What made the problem worse for Societe Generale, was they sold the bad deals this week when the markets were headed downwards.

The Chief Executive has offered to resign.

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