French 'rogue trader' in custody

Police detain man who lost Societe Generale $7bn through unauthorised transactions.

    Kerviel is alleged to have gambled away millions of euros on the world future markets [AFP]
    Enquiry demanded
     
    Kerviel, who had been at the bank since 2000, allegedly used intricate methods to trade without the bank's authorisation on the world future markets.
     
    The scale of the losses was eventually uncovered by back-office staff during a routine check. 
     
    The French government has demanded a full accounting of the scandal over the fraud.
     
    Societe Generale's losses dwarf those sustained by Barings, a British bank, in 1995.
     
    Nick Leeson gambled away $1.5bn at Barings, causing it to collapse.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Many Pentecostal churches in the Niger Delta offer to deliver people from witchcraft and possession - albeit for a fee.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".

    Why a hipster, vegan, green tech economy is not sustainable

    Why a hipster, vegan, green tech economy is not sustainable

    Improving eco-efficiency within a capitalist growth-oriented system will not save the environment.