FOMC Did Not Know About the Societe Generale Fraud - CNBC

CNBC reports the FOMC did not know about the Societe Generale fraud, where a rouge trader lost the firm $7.3 billion. The Fed said it was a set of factors which led to their decision to cut rates 75bp in an emergency move.

There was speculation today that the sell-off in foreign markets Monday, exacerbated by the fraud, forced the Fed into a panic move Tuesday.

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