Rogue trader hits Societe Generale with 7 billion dollar loss

PARIS, Jan 24, 2008 (AFP) – Trading in shares of Societe Generale was supended on Thursday after the French banking giant announced a sole trader was responsible for racking up 4.9 billion euros (7.15 billion dollars) in losses. Societe Generale announced earlier Thursday that a single trader was responsible for a massive 4.9 billion euro fraud at the French banking giant. Euronext, the operator of the Paris Bourse, told AFP it was not sure when trading would be allowed to resume in shares of Societe Generale, which closed just over four percent lower on Wednesday at 79.08 euros a share.