2008 Société Générale trading loss a role in the market's overall decline, but characterized that impact as "minimal". 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
Criminal responsibility in French law perilous judicial combinations ("montages"). Mayors may have felt like the "scapegoats of proximity democracy," in the words of Senator Hubert Haenel, forced to limit their initiatives. So legislation therefore attempted to better frame the phenomenon, notably with the "Fauchon" law of July 10, 2000, on unintended misdemeanors (…). Deputy Étienne Mourrut introduced a law concerning the criminal liability of elected local officials in sports or cultural demonstrations. 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.