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March 12, 2008
Another SocGen Employee Held by Police
From Bloomberg:
Societe Generale SA, the French bank stung by a record trading loss of 4.9 billion euros ($7.6 billion), said another employee has been taken into police custody as part of the investigation into unauthorized trades.
Police also searched the La Defense headquarters, just outside Paris, of France's second-biggest bank this morning, Societe Generale spokeswoman Laura Schalk said in an interview.
Paris prosecutors' spokeswoman Isabelle Montagne confirmed that a broker from a subsidiary of Societe Generale is now being questioned by police. The employee may be held for up to 24 hours, Montagne said. She declined to name the broker or the subsidiary.
Posted by edelfenbein at March 12, 2008 9:13 AM
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