Hiding Under the Hedge
posted by ModeratorFiled under: Fraud and Deception
Police question ‘rogue trader’
Michelle Carlile-Alkhouri reports
Reuters
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.
