{"id":7036,"date":"2008-01-24T00:00:00","date_gmt":"2008-01-24T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"fresh-blow-to-banking-as-rogue-trader","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2008\/fresh-blow-to-banking-as-rogue-trader.html","title":{"rendered":"Fresh blow to banking as rogue trader costs French bank US$7.1-billion"},"content":{"rendered":"<p>Financial Post- French bank Societe Generale said fraud by a single trader had caused it a 4.9-billion euro (US$7.1-billion) loss and that it would seek emergency funds as a result, shocking battered markets. <\/p>\n<p>If fraud is proved, the loss will be the biggest caused by a rogue trader, ahead of the US$2.6-billion hit to Sumitomo Corp caused by copper trader Yasuo Hamanaka and the US$1.4-billion loss caused to Barings by Nick Leeson, both in the 1990s. It also eclipses a US$6-billion loss racked up by hedge fund Amaranth trader Brian Hunter and his team ahead of its collapse in 2006.<\/p>\n<p>SocGen, France&#8217;s second-biggest listed bank, announced plans to raise 5.5-billion euros through a capital increase to shore up its balance sheet, also reeling from a crisis in global credit markets. It unveiled a further write-down of 2.05-billion euros related to the global credit crunch on Thursday.<\/p>\n<p><a href=\"http:\/\/news.google.com\/news\/url?sa=T&#038;ct=us\/9-0&#038;fd=R&#038;url=http:\/\/www.financialpost.com\/story.html%3Fid%3D260788&#038;cid=0&#038;ei=GYmYR9DWC56arAPw57zLBw\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial Post- French bank Societe Generale said fraud by a single trader had caused it a 4.9-billion euro (US$7.1-billion) loss and that it would seek emergency funds as a result, shocking battered markets. If fraud is proved, the loss will [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7036","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=7036"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7036\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=7036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=7036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=7036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}