ABC News: 30-Yr-Old Jerome Kerviel Is $7 Billion Man
Societe Generale said on Thursday it had discovered Û7bn of losses from a rogue trader in European stock futures and big US subprime mortgage writedowns, forcing the French bank into an emergency Û5.5bn share issue. The rogue trader is Jerome Kerviel, a 31-year-old Frenchman who joined SocGen in 2000. He worked for three years in the bank's back office before being promoted two years ago to the Delta One trading desk, handling proprietary deals in futures for European stock indices. He was based in SocGen's Paris headquarters at La Defense. (Sipa Press)
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