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
G. N. Watson G. N. Watson George Neville Watson (31 January 1886 – 2 February 1965) was an English mathematician, who applied complex analysis to the theory of special functions. His collaboration on the 1915 second edition of E. T. Whittaker's "A Course of Modern Analysis" (1902) produced the classic "Whittaker and Watson" text. In 1918 he proved a significant result known as Watson's lemma, that has many applications in the theory on the asymptotic behaviour of exponential integrals. He was educated at St Paul's School, as a pupil of F. S. Macaulay, and Trinity College, Cambridge. There he encountered Whittaker, though their