27 Jan 08
From the reports I heard, the only reason that his "interview" on Saturday took 6 hours for him to come clean was that the whole time he was convinced he was right, and that the bank should adopt his strategy.
The bank was exposed in trades to the tune of 50bn euro, I believe. Like most deals though, the loss is not realised till one counterparty closes out their position.
Without details of the trades (dates etc), we can't tell whether the trades would have been profitable in the long term or not.
Still, one hell of a fraud. His bosses six-up have all been dismissed.
What happens to Societe Generale now?