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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-sur-Seine [16] to seize his computer files. [17] On January 26, 2008, the Paris prosecutors' office stated that Kerviel "is not on the run. He will be questioned at the appropriate ...
Jérôme Kerviel (French pronunciation: [ʒeʁom kɛʁvjɛl]; born 11 January 1977) is a French rogue trader who was convicted and imprisoned in the 2008 Société Générale trading loss for breach of trust, forgery and unauthorized use of the bank's computers, resulting in losses valued at €4.9 billion.
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2008 Société Générale trading loss; Yasuo Hamanaka caused a loss of about $2.6 billion, over ten years, in unauthorized copper trading on the London Metal Exchange; Nick Leeson caused a loss of £827 million for Barings Bank, leading to its collapse; Howie Hubler lost $9 billion in one CDS trade for Morgan Stanley, the largest single loss ...
Source of loss Year Person(s) associated with incident at time of loss USD 10 bn 1 USD 10 bn -19.4% USD 8.06 bn United States: Archegos Capital Management [4] Total return swaps 2021 Bill Hwang: USD 9 bn: 1: USD 9 bn: −3.7%: USD 8.67 bn United States: Morgan Stanley [5] Credit Default Swaps: 2008 Howie Hubler: USD 9 bn: 1: USD 9 bn: −7.0% ...
He was found to be solely responsible for the record loss suffered by Société Générale in early 2008, and was sentenced to five years in prison, with two of those years suspended, and ordered to pay damages of €4.9 billion to the Bank. [53]
By law, your servicer is required to review your loss mitigation application within 30 days of receipt and issue you an acceptance or denial in writing. Keep in mind: Most servicers offer a 15-day ...
Loss Mitigation can be negotiated directly by the homeowner or an attorney. Be careful of fraudulent claims by third parties, a 2008 study by Professor Alan M White found that of 4,342 modifications that he studied, only 62 received principal reductions. [9] Still feeling the blow, this has led to a loss of equity (from inflated levels) for ...