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
Kweku Adoboli Kweku Adoboli Kweku Adoboli (born 21 May 1980) is a Ghanaian born British investment manager and former stock trader. He was convicted of illegally trading away US$2 billion (GB£1.3 billion) as a trader for Swiss investment bank UBS. While at the bank he primarily worked on UBS' Global Synthetic Equities Trading team in London where he engaged in what would later be known as the 2011 UBS rogue trader scandal. After serving a prison sentence, he lost several appeals against the Home Office decision to deport him to Ghana. Kweku Adoboli was born on 21 May 1980 in Tema, Ghana,