Ex-SocGen Trader Says He Was Fired After Bank Failed to Detect His Bets [Yahoo! Finance Canada]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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Source: Yahoo! Finance Canada
(Bloomberg) -- A former Hong Kong-based Societe Generale SA trader claimed he was fired and said the French lender should share blame for failing to detect his risky bets. Most Read from Bloomberg “Instead of taking the responsibility of the lapse in their risk system and not identifying the trades at the right time they fired me and terminated my contract,” Kavish Kataria, a trader on the bank's Delta One desk who left last year, said in a LinkedIn post Thursday. ADVERTISEMENT A spokesperson for SocGen couldn't be immediately reached outside of European business hours. Read More: SocGen Traders in Asia Exit After Options Bets Go Undetected The comments mark the first time the trader has spoken out about the events. Kataria left along with team head Ken Ng after an internal review of the transactions, Bloomberg News reported earlier this week. While SocGen didn't lose any money from the transactions, the trades could have cost the Paris-based lender hundreds of millions
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