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
The Bank of New York Mellon Kelly, John A. Luke Jr., Jennifer B. Morgan, Mark A. Nordenberg, Elizabeth E. Robinson, Charles W. Scharf and Samuel C. Scott III. In 2008, BNY Mellon formed a Board of Directors corporate social responsibility committee to set sustainability goals for the company. The company's corporate social responsibility activities include philanthropy, social finance in the communities the bank is located in, and protecting financial markets globally. BNY Mellon's philanthropic activities include financial donations and volunteerism. The company matches employee volunteer hours and donations with financial contributions through its Community Partnership program. Between 2010 and 2012, the company and its employees donated