2008 Société Générale trading loss 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 to his superiors and that the losses were caused by panic selling by
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