French bank Societe Generale (SOGN.PA) disclosed one of the biggest alleged frauds in financial history on Thursday, adding to a wave of gloom surrounding world markets battered by credit market losses.

http://news.yahoo.com/s/nm/20080124/bs_nm/socgen_dc

Update: Trader taken into custody…

“Financial police in Paris were to question Jerome Kerviel as part of a probe into Societe Generale’s announcement Thursday that the 31-year-old trader was behind a fraud costing the bank $7.14 billion, judicial officials said. They spoke on condition of anonymity because the investigation is ongoing.”

http://news.yahoo.com/s/ap/20080126/ap_on_bi_ge/france_societe_generale

Update: French bank was actually warned of Trader’s dealings before:

“Exchange officials warned Societe Generale about rogue trader Jerome Kerviel’s deals late last year, a Paris prosecutor said, piling pressure on the French bank to explain why the trades were not discovered earlier.”

http://news.yahoo.com/s/nm/20080128/ts_nm/socgen_dc

Thanks for the updates..Really helps a lot..It was great news..

Regards

Sandone
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