Tower Group's Silva Says SocGen Will Weather Fraud Loss: Video

Ralph Silva, research director at Tower Group Plc, talks with Bloomberg's Rishaad Salamat in London about U.S. subprime mortgage-related writedowns at Fortis reported today, and the outlook for Societe Generale SA after the trading loss of 4.9 billion euros. Jerome Kerviel, the trader accused by Societe Generale of unauthorized dealing that led to the loss, took advantage of the bank's practice of checking only net trading positions rather than gross bets to conceal his subterfuge with phony hedges, Paris-based Societe Generale said yesterday. (Source: Bloomberg)

Bloomberg | January 28, 2008

Tags:. .net. .director. .source. .dealing. .london