2008 Société Générale trading loss 2008 Société Générale trading loss In January 2008, the bank Société Générale lost approximately €4.9 billion closing out positions over three days of trading beginning January 21, 2008, a period in which the market was experiencing a large drop in equity indices. The bank states these positions were fraudulent transactions created by Jérôme Kerviel, a trader with the company. The police stated they lacked evidence to charge him with fraud and charged him with breach of trust and illegally accessing computers. Kerviel states his actions were known to his superiors and that the losses were caused by panic selling by
The Bank for Savings in the City of New-York its founders and first directors were Thomas Eddy, William Bayard Jr., DeWitt Clinton, Archibald Gracie,Cadwallader D. Colden, John Pintard, Matthew Clarkson, Peter Augustus Jay and Brockholst Livingston. Although many credit Eddy with founding the institution, Bayard, who was also a director of the Bank of America founded by Amadeo Giannini, served as the bank's first president. It later merged with the Buffalo Savings Bank in 1982 and its name was subsequently changed to Goldome. The bank is no longer extant today. The Bank for Savings in the City of New-York The Bank for Savings in the City of New-York (1819