This saga is as clear as mud at the moment.
Some of SocGen's risk team have been told to get on their bikes following the discovery of that $7.1bn rogue trading loss last week. Here's an exclusive picture of the team leaving the office for the last time (in the box to the right). (Apologises to SG, but we couldn't resist).
We have obtained a copy of the official 'explanatory note' compiled by Societe Generale on that $7.1bn trading scandal.
Here are some comments from our readers on the SocGen trading scandal:
As staff at SG Corporate & Investment Banking digest the implications of that $7.1bn trading loss announced last week, many are beginning to wonder whether their 2007 bonuses, and indeed their jobs, are safe.
As Reuters reports that Deutsche Bank CEO Josef Ackermann is said to have asked that staff review his bank's risk management systems, fears are growing that the $7.1bn trading loss sustained over at SocGen could happen anywhere. Indeed, the general feeling is that many other firms are allowing their traders more freedom than SocGen permitted Kerviel, and that a rogue trader at one of the larger firms could cause significantly more havoc and turmoil in the markets.
Goldman Sachs is such an icon these days that rumours that the firm was to embark on a major staff job cutting exercise was enough to spook the markets Friday, helping shares lower.
So, SG equity derivatives trader Jerome Kerviel has now been questionned by French police, having been taken into custody Saturday. Police will have based their interviews with him on documents and computer data they recovered both at the trader's Paris apartment and SG's offices in the last few days.
Here's a note of the letter SocGen Chairman and CEO Daniel Bouton sent to clients after the announcement of the discovery of those $7.1bn rogue trading losses.