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 Fifth Risk Plan the term "fifth risk", with the idea of an insurance system. The law of 24 January 1997, defines dependency as "a state in which the person who, notwithstanding the care that is likely to receive, needs support for the performance of actions essential to life or requires regular supervision". In 2008, public spending related to the care of dependent elderly people (health care benefits and benefits of compensation for loss of autonomy) was around 19 billion euros per year, or 1% of GDP. The law of 30 June 1975 established the third person compensatory allowance (Allocation compensatrice tierce personne or