2008 Société Générale trading loss positions built up by Kerviel. This has led to speculation that stock market turbulence caused the Federal Reserve Board to cut the rate. A Federal Reserve spokesperson denied the central bank knew of Société Générale's situation when it made its decision. It is estimated that over the period the total trading in futures and the cash market for the Euro Stoxx 50 was €544 billion. This would make the unwinding of Kerviel’s position account for five per cent or less of overall activity. Société Générale's investment banking chief, Jean Pierre Mustier, acknowledged that the three days of forced selling played
Criminal responsibility in French law Criminal responsibility in French law Criminal responsibility is the obligation in French law to answer for infractions committed and to suffer the punishment provided by the legislation that governs the infraction in question. In a democracy citizens have rights but also duties: with freedom comes responsibility. Unlike civil liability, the obligation to answer for damage one has caused, either by repairing it or paying damages and interest for it, criminal responsibility implies legal recourse for the state against a disturbance of the peace. This includes three major factors: The penal code declares that the authorship of a crime includes not