Hiding Under the Hedge

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Filed under: Fraud and Deception

Police question ‘rogue trader’
Michelle Carlile-Alkhouri reports
January 26, 2006

French trader Jerome Kerviel is taken into police custody in Paris.

Kerviel was taken to a police station in Paris at around 2.00 p.m. (1300 GMT). He allegedly cost French Bank Societe Generale over 7 billion dollars in trading losses. The bank said the rogue trader was managing hundreds of thousands of concealed trades and an equal number of fake hedges to give the appearance that any loss was offset.

More on this story:

  • Jerome Kerviel: “genius” or mediocre backroom boy?, by Sudip Kar-Gupta, Reuters, January 26, 2008