Société Générale loss, that same day two credit rating agencies reduced the bank's long term debt ratings: from AA to AA- by Fitch; and from Aa1/B to Aa2/B- by Moody's (B and B- indicate the bank's financial strength ratings). Executives said the trader acted alone and that he may not have benefited directly from the fraudulent deals. The bank announced it will be immediately seeking 5.5 billion euros in financing. On the eve and afternoon of January 25, 2008, Police raided the Paris headquarters of Société Générale and Kerviel's apartment in the western suburb of Neuilly, to seize his computer files. French
Brian Hunter (trader) Hunter sold Solengo's assets to Peak Ridge Capital Group and was hired by the firm as an adviser to its Commodity Volatility Fund. In 1Q 2008, the fund was up nearly 49% while many other hedge funds suffered losses. Hunter was the target of a $30 million fine to be levied by the Federal Energy Regulatory Commission in connection with the alleged manipulation of natural gas prices in 2006. In December 2007, Hunter sought to prevent the FERC from taking any action against him for his participation in trading in the natural gas futures market. A federal judge denied his