A lone rogue-trader was last night being blamed for the biggest fraud in investment banking history after Société Générale, one of the pillars of French finance, revealed his actions had cost it €4.9bn (£3.6bn) and forced it into an emergency €5.5bn cash call on shareholders.
Jérôme Kerviel, a Paris-based trader working on the bank's European equities derivatives desk, was being portrayed by the governor of the Banque de France yesterday as a "genius of fraud".
SocGen, the world's leading equity-derivative trading house - it claims to have invented the instruments - quickly unwound the positions he had amassed.
Via FT
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