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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 the bank. Société Générale's own wrongs were later established by a French jurisdiction, which led the Cour de cassation to cancel the €4.9 billion sanction on Kerviel. Employment history of Jérôme Kerviel Kerviel joined the middle offices in the bank Société Générale in the summer of 2000, working in its compliance department. In 2005 he was promoted to the bank's Delta One products ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Société Générale
Société Générale S.A. (), colloquially known in English as SocGen (), is a French-based multinational financial services company founded in 1864, registered in downtown Paris and headquartered nearby in La Défense. Société Générale is France's third largest bank by total assets after BNP Paribas and Crédit Agricole. It is also the sixth largest bank in Europe and the world's eighteenth. It is considered a systemically important bank by the Financial Stability Board. From 1966 to 2003 it was known as one of the ''Trois Vieilles'' ("Old Three") major French commercial banks, along with Banque Nationale de Paris (from 2000 BNP Paribas) and Crédit Lyonnais. History 19th Century The bank was founded by a group of industrialists and financiers during the Second Empire on May 4, 1864. Its full name was ''Société Générale pour favoriser le développement du commerce et de l'industrie en France'' ("General Company to Support the Development of Commerce and Industr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Le Figaro
''Le Figaro'' () is a French daily morning newspaper founded in 1826. It is headquartered on Boulevard Haussmann in the 9th arrondissement of Paris. The oldest national newspaper in France, ''Le Figaro'' is one of three French newspapers of record, along with ''Le Monde'' and '' Libération''. It was named after Figaro, a character in a play by polymath Beaumarchais (1732–1799); one of his lines became the paper's motto: "''Sans la liberté de blâmer, il n'est point d'éloge flatteur''" ("Without the freedom to criticise, there is no flattering praise"). With a centre-right editorial line, it is the largest national newspaper in France, ahead of '' Le Parisien'' and ''Le Monde''. In 2019, the paper had an average circulation of 321,116 copies per issue. The paper is published in Berliner format. Since 2012 its editor (''directeur de la rédaction'') has been Alexis Brézet. The newspaper has been owned by Dassault Group since 2004. Other Groupe Figaro publications inclu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
London Metal Exchange
The London Metal Exchange (LME) is a futures and forwards exchange with the world's largest market in standarised forward contracts, futures contracts and options on base metals. The exchange also offers contracts on ferrous metals and precious metals. The company also allows for cash trading. It offers hedging, worldwide reference pricing, and the option of physical delivery to settle contracts. Overview Ring trading Trading Times are 11:40 to 17:00 GMT. The LME is the last exchange in Europe where open-outcry trading takes place.BBC Radio 4 ''Today'', broadcast 25 October 2011. The ring was temporarily closed in March 2020 due to the COVID-19 pandemic. In January 2021, LME proposed closing the ring, Europe’s last open-outcry trading floor, and moving permanently to an electronic system. In addition to the 9 companies that have exclusive rights to trade in the Ring, around 100 companies are involved in the LME in total. Precious metals The LME used, however, to provide ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yasuo Hamanaka
(born 1950) was the chief copper trader at Sumitomo Corporation, one of the largest trading companies in Japan. He was known as "Mr. Copper" because of his aggressive trading style, and as "Mr. Five Percent" because that is how much of the world's yearly supply he controlled. On June 13, 1996, Sumitomo Corporation reported a loss of US$1.8 billion in unauthorized copper trading by Hamanaka on the London Metal Exchange. His culpability as to whether this responsibility was authorized is in doubt. In September 1996, Sumitomo disclosed that the company's financial losses were much higher, at $2.6 billion (285 billion yen). Hamanaka was sentenced to eight years in prison in 1998 and was released in July 2005, one year early. See also * Kweku Adoboli lost $2 billion for UBS * Jérôme Kerviel * Nick Leeson caused a loss of £827 million for Barings Bank, leading to its collapse * List of trading losses * Sumitomo copper affair References External links "How Copper Came ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Time (magazine)
''Time'' (stylized in all caps) is an American news magazine based in New York City. For nearly a century, it was published weekly, but starting in March 2020 it transitioned to every other week. It was first published in New York City on March 3, 1923, and for many years it was run by its influential co-founder, Henry Luce. A European edition (''Time Europe'', formerly known as ''Time Atlantic'') is published in London and also covers the Middle East, Africa, and, since 2003, Latin America. An Asian edition (''Time Asia'') is based in Hong Kong. The South Pacific edition, which covers Australia, New Zealand, and the Pacific Islands, is based in Sydney. Since 2018, ''Time'' has been published by Time USA, LLC, owned by Marc Benioff, who acquired it from Meredith Corporation. History ''Time'' has been based in New York City since its first issue published on March 3, 1923, by Briton Hadden and Henry Luce. It was the first weekly news magazine in the United States. The two had ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and currently also include supervising and regulating banks, maintaining the stabil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Funds Rate
In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve to maintain depository institutions' reserve requirements. Institutions with surplus balances in their accounts lend those balances to institutions in need of larger balances. The federal funds rate is an important benchmark in financial markets. The effective federal funds rate (EFFR) is calculated as the effective median interest rate of overnight federal funds transactions during the previous business day. It is published daily by the Federal Reserve Bank of New York. The federal funds target range is determined by a meeting of the members of the Federal Open Market Committee (FOMC) which normally occurs eight times a year about seven weeks apart. The committee may also hold additional meetings an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Le Monde
''Le Monde'' (; ) is a French daily afternoon newspaper. It is the main publication of Le Monde Group and reported an average circulation of 323,039 copies per issue in 2009, about 40,000 of which were sold abroad. It has had its own website since 19 December 1995, and is often the only French newspaper easily obtainable in non-French-speaking countries. It is considered one of the French newspapers of record, along with '' Libération'', and '' Le Figaro''. It should not be confused with the monthly publication '' Le Monde diplomatique'', of which ''Le Monde'' has 51% ownership, but which is editorially independent. A Reuters Institute poll in 2021 in France found that "''Le Monde'' is the most trusted national newspaper". ''Le Monde'' was founded by Hubert Beuve-Méry at the request of Charles de Gaulle (as Chairman of the Provisional Government of the French Republic) on 19 December 1944, shortly after the Liberation of Paris, and published continuously since its first ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rogue Trader
A rogue trader is person who makes financial trades in an unauthorised manner. Rogue trader may also refer to: * ''Rogue Trader'' (book), the autobiography of (and later a movie about) Nick Leeson, the man who caused the collapse of Barings Bank * ''Rogue Trader'' (film), the 1999 film about Nick Leeson directed by James Dearden *'' Warhammer 40,000: Rogue Trader'', the first edition of the ''Warhammer 40,000'' franchise ** ''Rogue Trader'' (role-playing game), the second role-playing game in the Warhammer 40,000 roleplay sub-franchise See also * Rogue Traders, an Australian electronic rock group * ''Rogue Traders'' (TV programme), a BBC consumer affairs television programme {{Disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reuters
Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world. The agency was established in London in 1851 by the German-born Paul Reuter. It was acquired by the Thomson Corporation of Canada in 2008 and now makes up the media division of Thomson Reuters. History 19th century Paul Reuter worked at a book-publishing firm in Berlin and was involved in distributing radical pamphlets at the beginning of the Revolutions in 1848. These publications brought much attention to Reuter, who in 1850 developed a prototype news service in Aachen using homing pigeons and electric telegraphy from 1851 on, in order to transmit messages between Brussels and Aachen, in what today is Aachen's Reuters House. Reuter moved to London in 1851 and established a news wire agency at the London Royal Exchange. Headquartered in London, R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paris
Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the List of cities proper by population density, 30th most densely populated city in the world in 2020. Since the 17th century, Paris has been one of the world's major centres of finance, diplomacy, commerce, Fashion capital, fashion, gastronomy, and science. For its leading role in the arts and sciences, as well as its very early system of street lighting, in the 19th century it became known as "the City of Light". Like London, prior to the Second World War, it was also sometimes called Caput Mundi#Paris, the capital of the world. The City of Paris is the centre of the Île-de-France Regions of France, region, or Paris Region, with an estimated population of 12,262,544 in 2019, or about 19% of the population of France, making the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
