您現在的位置: Language Tips> Audio & Video> Special Speed News  
 





 
A 'rogue trader' costs French bank $7 billion
[ 2008-02-01 15:42 ]

 

 

Download

This is the VOA Special English Economics Report.

Last week, France's second largest bank, Societe Generale, announced that a single, middle-level trader had caused the bank to lose over seven billion dollars. It was the largest trading loss by an individual in banking history.

Bank headquarters outside Paris Jerome Kerviel reportedly made trades in European stock index derivatives. These complex investments are bets that stock indexes will rise or fall. Mr. Kerviel's job was to place bets that indexes would both rise and fall. Doing this limits the risk of losing a lot. But it also limits gains. Mr. Kerviel worked in a part of the bank that was supposed to take on little risk. The bank said Mr. Kerviel took measures to avoid its risk controls.

Reports say Mr. Kerviel found a way to hide the fact that he bet only on stock prices rising. He also hid the huge amounts of his bets from bank supervisors. When stock prices dropped, his financial positions, worth an estimated seventy-three billion dollars, had to be closed at a huge loss.

French government lawyers brought charges against the thirty-one-year-old trader on Monday. Mr. Kerviel was charged with breach of trust and illegal computer activity. However, he was not charged with financial wrongdoing or false signing of documents. Mr. Kerviel has denied that he tried to profit from his activities. His lawyer says he is being unfairly charged.

The bank said it only discovered Mr. Kerviel's activities on January twentieth. But a government lawyer said exchange officials had warned the bank about the trader's deals late last year. The lawyer said Mr. Kerviel told him he had started his activities at the end of 2005.

Many in the French government are pressuring the bank's chairman and chief executive Daniel Bouton to resign. Mr. Bouton has offered to resign twice but both times the bank's board did not accept his resignation.

Some experts believe efforts by Societe Generale to close out Mr. Kerviel's financial positions played a part in driving down European stock prices early last week.

In the United States, the Federal Reserve cut the federal funds rate for the second time in eight days. On Wednesday, the central bank cut the important interest rate by half a percentage point to three percent. The Fed said it is now more concerned about the slowing economy than about inflation.

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.

(Source: VOA 英語點津姍姍編輯)

 
 
相關文章 Related Stories
 

 

 

 
 

本頻道最新推薦

     
  A 'rogue trader' costs French bank $7 billion
  Super Tuesday is coming
  《辛普森一家》精講之六
  A walk in the clouds
  BJ diaries

論壇熱貼

     
  請教“去蔣化”的英文翻譯
  “大頭鬼”英語怎么說
  美國(英國)通?( C-E)
  老鄉用英語怎么說?
  燃放辦 怎么翻譯?
  What to Do When Life Seems Unfair




主站蜘蛛池模板: 六度国产福利午夜视频黄瓜视频| 在线果冻传媒星空无限传媒| 亚洲国产一区二区三区在线观看| 羞耻暴露办公室调教play视频| 国产网址在线观看| 两根硕大一起挤进小h| 最近中文字幕mv手机免费高清| 假山后面的呻吟喘息h| 草草影院国产第一页| 国产精品天堂avav在线| www.色日本| 日本在线观看一级高清片| 亚洲国产成人精品无码一区二区| 福利视频一区二区牛牛| 国产中文字幕一区| 亚洲综合第一区| 女人被弄到高潮的免费视频| 久久久久香蕉视频| 欧美国产一区二区三区激情无套| 免费在线黄色网| 色偷偷人人澡人人爽人人模| 国产清纯91天堂在线观看| 99国产欧美另类久久久精品| 成人毛片在线视频| 久久精品免费一区二区喷潮| 欧美日韩国产专区| 伊人久久五月天| 精品欧美高清不卡在线| 国产亚洲精品无码专区| 色老太婆bbw| 国产精品视频免费一区二区 | 精品久久人人做人人爽综合| 国产大屁股喷水视频在线观看| 91成人在线播放| 女神们的丝袜脚战争h| 中文字幕视频免费在线观看| 最新国产乱人伦偷精品免费网站| 亚洲欧美另类国产| 狠狠综合久久久久综合小说网| 午夜免费福利视频| 色多多视频在线播放|