Société Générale structured a $1bn bet on its own shares for Libya’s sovereign wealth fund in the wake of the Jér?me Kerviel fraud, the Financial Times has learnt.
Documents seen by the FT show the transaction – the Libyan Investment Authority’s biggest investment in five years – had lost 71 per cent of its value by the middle of last year.
The LIA entered into the transaction in early March 2008, barely a month after Mr Kerviel’s €50bn of rogue trades left the bank with losses of €5bn. At the time SocGen was struggling to reassure investors and plug a hole in its balance sheet.
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