Société Générale takes €7bn hit

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FRANCE - Société Générale Group has revealed evidence of an "exceptional" fraud in its Paris operations, amounting to €4.9bn (US$7.2bn) and admitted a further €2bn loss related to sub-prime positions.

According to a statement released by the bank, the trader at the centre of the fraud was "responsible for plain vanilla futures hedging on European equity market indices". Société Générale sai...

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