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Societe Generale with "negligible" losses in US securities fraud

Dec 15, 2008, 7:17 GMT

Paris - French bank Societe Generale said Monday it had suffered only 'negligible' losses in the 50-billion-dollar securities fraud allegedly engineered by a leading Wall Street broker. In a statement the bank said its exposure to Madoff Investment Securities LLC, and the so-called Ponzi scheme run by its head, Bernard L Madoff, was 'below 10 million euros' (13.46 million dollars). However, another big French bank, BNP Paribas, announced on Sunday that it could lose up to 350 million euros as a result of Madoff's activities.

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