Word: thursdaying
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...until he has siphoned off billions of euros from under the noses of one of France's most venerable institutions. For Société Générale - France's second-biggest bank - the details were all too real, however, as stunned executives attempted to explain on Thursday how a mid-level employee lost 4.9 billion euros ($7.2 billion) in a rogue operation without anyone noticing...
...bank's market rooms, according to Société Générale CEO Daniel Bouton. "He succeeded in building this hidden firm, in building his positions by hiding them by other positions that were totally fictional," Bouton told reporters at a Paris news conference on Thursday. "That is what is so extraordinary about this case." Bouton's offer to resign was rejected by the bank's administrators this week. Bank official said Thursday they needed to raise $8 billion to cover their losses and that 2007 profits would likely be between 600 million to 800 million euros...
Kerviel's identity was revealed on the Financial Times and Daily Telegraph websites, but was not confirmed by bank officials, who admitted on Thursday that the rogue trader appeared to have gone to ground and that they had no idea where he was. Executives said two years ago, the trader had a back-office job in the bank working on internal controls to prevent questionable and suspicious trades. He then transferred to a position trading in so-called "plain vanilla" stock futures in European markets. He earned a salary of about 100,000 euros (about...
...bank officials on Saturday night, according to the Daily Telegraph, which posted a photograph online of a slender, dark-haired man. Despite the weekend revelations, three days lapsed before executives suspended trading of Société Générale shares. They declined to tell reporters at Thursday's press conference why the trader had not been immediately fired, nor why they had not involved the French police...
...name of the prize will be the "Harvard Lampoon Woman of the Year" award, according to a statement from Hilton's media company. The Pudding's Man and Woman of the Year Awards will be announced this Thursday on Access Hollywood, an entertainment-news show, Lachter said...