Jan
24th
Thu
24th
SG Fraud
From Dealbook (and everywhere else)
The French bank Société Générale said Thursday that it had uncovered “an exceptional fraud” by a trader that would cost it €4.9 billion ($7.1 billion) and that it would seek new capital of about $8 billion.
The company, the second-largest listed bank in France, said in a statement that the fraud had been committed by a trader in charge of “plain vanilla” hedging on European index futures.
The trader, who was not identified, “had taken massive…
