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February 20th, 2008

SocGen Posts Q4 Loss

“Without this event, the results of Societe Generale were not at all bad.”

Troubled French bank Societe Generale SA said Thursday that a trading scandal and writedowns linked to the crisis in financial markets led to a net loss in the fourth quarter last year.

France’s second-largest bank said it made a net loss of euro3.35 billion ($4.91 billion) compared with a euro1.18 billion ($1.73 billion) net profit in the same period of 2006.

The French bank took a euro4.9 billion ($7.18 billion) hit closing unauthorized positions attributed to futures trader Jerome Kerviel. Though it discovered the positions on Jan. 18, the losses that resulted were booked in the fourth quarter. Read more



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