Jérôme Kerviel an employee of Société Générale, one of France's premier banking institutions known for it's innovations and technical prowess, has admitted to making more than $70 billion in secret and unauthorized trades. These trades have cost the bank about $7.2 billion in total losses. Details are still forthcoming.
For more information check out these links:
Le Monde: Le mécano de la Générale
Le Figaro: La Société Générale dément tout délit d'initié
NY Times: Charges Are Sought Against French Trader
