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/ 13 February 2008

Rogue trader Kerviel appeals against detention

Lawyers for Jerome Kerviel, the rogue trader blamed by French bank Société Générale for huge losses, lodged an appeal against his detention, the Paris prosecutor’s office said on Wednesday. Kerviel placed a secret wrong-way bet on the share market that Société Générale blames for a -billion trading loss in the world’s biggest rogue trading scandal.

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/ 30 January 2008

Crisis inflicts fresh wounds, UBS cut deepest

Fresh write-offs at big European and Japanese banks on Wednesday drove investors’ attention firmly back onto the credit crunch after days gazing at Société Générale’s stunning losses, which it blames on a junior trader. With the Federal Reserve expected to cut interest rates for the second week running, Swiss bank UBS illuminated the depth of the crisis.

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/ 28 January 2008

Global equities deep in gloom

Asian and European stock markets fell sharply again on Monday as investors worried about possible recession and a forthcoming interest-rate call in the United States, analysts said. The Paris market fell amid anxiety and tension after an alleged -billion fraud was unearthed last week at French bank Société Générale.

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/ 24 January 2008

French bank hit by €4,9-billion fraud

French bank Société Générale (SocGen) 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. SocGen, France’s second-biggest listed bank, said it had uncovered an ”exceptional fraud” by one of its traders. It said this would cost the group â,¬4,9-billion.