Finance ‘Aristocracy’ Took $1.2 Trillion in Loans

Finance ‘Aristocracy’ Took $1.2 Trillion in Loans

Antoine Antoniol/Bloomberg

U.S. Federal Reserve borrowings by Societe Generale SA, France's second-biggest bank, peaked at $17.4 billion in May 2008, four months after the Paris-based lender announced a record 4.9 billion-euro ($7.2 billion) loss on unauthorized stock-index futures bets by former trader Jerome Kerviel.