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Societe Generale trader in $7.16 billion fraud

French bank Societe Generale today shocked investors by disclosing a $7.16 billion (€4.9bn) fraud by one of its traders.

Five-year senior credit default swaps on Societe Generale were at 100 basis points by 0725 GMT, traders said, 10 to 20 basis points wider than late Wednesday. Five-year subordinated credit default swaps on the bank rose 15 basis points to 150 basis points, one of the traders said.

SocGen also announced a further €2bn-plus write-down because of the credit crunch and said it would be forced to raise €5.5bn in fresh capital to strengthen its balance-sheet.

The bank said its board had turned down an offer by chief executive Daniel Bouton to resign.

Source: Reuters
Date: 24.01.2008 [163]

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