Société Générale was at the centre of a financial scandal in 2009. The bank denied those accusations. January 2008: Trading loss incident (Kerviel Fraud) On January 24, 2008, the bank announced that a single futures trader at the bank had fraudulently lost the bank €4.9 billion (an equivalent of US$7.2 billion), the largest such loss in history. The company did not name the trader, but other sources identified him as Jérôme Kerviel, a relatively junior futures trader who allegedly orchestrated a series of bogus transactions that spiraled out of control amid turbulent markets in 2007 and early 2008. Partly due to the
French fiscal package of 2007 government to 13.6 billion euros per year. The exemption on overtime would represent a loss of 6 billion euros for the state budget. The cost of the reduction to 60% of the tax shield would be 600 million euros, the reform of inheritance tax would cost 1.7 billion euros and the cost on interest paid to purchase the primary residence would be of 3.7 billion euros. The government claimed that will not thwart the European requirements on the recovery of public finances. The government was to announce a reform policy of the State (the "general review of public policies"), which