Societe General has lost nearly five billion euros due to fraudulent transactions by a thirty year old trader - je 24.01.2008

The French Bank Societe General has lost nearly five billion euros due to fraudulent transactions by a thirty year old trader. Trading in the bank's shares was suspended for several hours early Thursday after it announced the scandal. The bank's management said it would give up all compensation for the first six months of 2008. France's central bank is launching an investigation into the fraud, which was perpetrated by a trader in futures. His whereabouts are reportedly unknown. +++SYN-MAZ+++