fraud so they are out jerome kerviel jerome kerviel if anything that the room for real had to suffer as terms of a penalty the c.e.o. of society general the board of directors should suffer ten to twenty times worse that's my solution let's move on to this next headline because this is again in this world of your scenario work going on in the markets silver core c.e.o. vallas fight to the death against short sellers so this is chief executive officer roy fang and he's the c.e.o. of silver core which is a company listed in vancouver but it has a silver mine operations in china now he alleges that he's been the victim of a shortage of store attack short sellers are attacking him with anonymous letters published online and then attacking his share price he says quote they picked the wrong company i don't know who my enemy is but we are a real company i'm going to fight to the death well he's also referring to naked short sellers these are people who sell stock in the market that doesn't exist taking advantage of some of the regulatory loopholes they just sell markets they sell stock int

the biggest loss ever was racked up in 2008 by the french dealer jerome kerviel of societe generale. that's rather more than the 827 million pound loss of britain's most famous rogue trader, who destroyed the venerable bank. after jerome kerviel was arrested in france, there was pressure on banks to tighten up their scrutiny of traders. so, if that hasn't worked, what might? >> unless you separate out that wild west casino operation from the world of banking and have it by ordinary men and women in the high street and ordinary businesses, we're in real trouble, and that's what the banking commission proposed earlier this week, and that's why we've got to implement that report as fast as possible. >> this is how u.b.s. likes to see itself, a virtuoso in the global world of banking. it's been humiliated by the alleged attempt to forge a solo career by one of its bankers. bbc news. >> a fresh warning for u.s. citizens from washington. >> absolutely right. the u.s. government has urged americans to leave syria immediately saying the situation there is too volatile. it is six months since

some sort of special ops delta one this is the third biggest rogue trader in history after jerome kerviel who also works on the delta one desk at society's general so they're trying to tell us that this is all just rogue traders and bad output as well as your own trivial of course is that society in general you know he was caught piece of mercenary and they went bad he won caught he went down for that action the c.e.o. of the board of directors a society general are saying this is a bad apple as you say it's a rogue trader but what we know now sends their own reveal is that it is that the entire board of directors and c.e.o. and management of the site in general but engaged in fraud telling training creating the trillions of dollars of the rivers if they have no way to collateralized the credit default swap market is a fraud so they are out to roam trivial jerome kerviel if anything that the wrong to real had to suffer as terms of a penalty the c.e.o. of society general the board of directors should suffer ten to twenty times worse that's my solution let's move on to this next headline be

the biggest ever, 4.3 billion pounds, in 2008 by french leader jerome kerviel at societe generale. rather more than the 827 million pound loss of britain's most famous, nick leeson, who destroyed bearings bank. -- barings. the british regulator put pressure on banks to tighten their scrutiny on traders. if this had not worked, what might? >> unless you separate out the wild west casino operation from the world bank and inhabited by ordinary women and were never businesses, we are in real trouble. that is what the banking commission proposed and why we need to get on implementing the report. >> this advertisement is how ubs likes to see itself, virtuoso in the world of banking. it has been humiliated by one of its bankers. >> we have heard an awful lot about the woes of big banks like you be as an international marketing in turmoil. it is hard to escape the economic crisis, it seems. but one quiet corner of new england is giving it a shot. at the small community is the unlikely front line in the battle against globalization. this county in western massachusetts created an alternativ

i mean one who's going to stop and put attorney can on this guy he's a rogue banker he makes jerome kerviel seem like mother teresa jamie diamond. you know i actually think. i'm going to skip that and i don't just mean that i just know that a lot of upset. because you're a journalist here representing oh this was a interest of the industry and i'm making a serious turn here where you guys and your business is it is a flagrant law breaker per thousand through a court like. he's not a flipper or longer he's made an argument in a newspaper that a certain aspect of the regulation favored european banks over american banks he's actually he's not been he's never made the argument that you're trying to say he made which is that he doesn't believe in capital requirements or regulation he actually made a pretty specific claim that. the way bezel three treated this one kind of i asked that fundamentally disadvantaged american banks and that's all he said so i don't compare him to a rogue trader if it was a little dramatic but on this point of credit i think the key thing that people need to realize i

and we saw it with a bank that collapsed, and, we also this with a french bank, not long ago, jerome kerviel, and, this is a $2 billion loss and here's what we know about him and we are getting more detailses, the man is 31 years old, and, a london-based trader and in march of '06 he was still a trainee at the bank, a young kid and according to facebook likes princess beatrice and, the hat show wore at the royal wedding and the title was director of ets and delta one trading and it means he didn't lose client money and want managing client money but lost the bank itself money, about $2 billion, and they are trying to get the numbers figured out. bill: they are blaming all of this on one guy? >> it can happen, i know. it can happen, bill. because, if he was to make unauthorized. like you take an extra hour at lunch and don't tell your boss about it. that is what he was doing, trading and not telling his bosses about it. he was making his transactions, without supervision. bill: can that have an impact on american investors? >> absolutely. absolutely. look at shares of ubs, the stock is down 1