BBC NEWS | Business | Rogue trader to cost SocGen $7bn

BBC NEWS | Business | Rogue trader to cost SocGen $7bn: "French bank Societe Generale says it has uncovered 'massive' fraud by a Paris-based trader which resulted in a loss of 4.9bn euros ($7.1bn; �3.7bn).

The bank said the fraud was based on simple transactions, but concealed by 'sophisticated and varied techniques'.

It also announced new write-downs of 2.05bn euros related to the sub-prime mortgage crisis in the US.

The bank's shares, which were suspended in the morning, lost 3.6% when they resumed trading."