I mean, really, who needs fiction?

All you need to do is read the latest Societe Generale headlines!

Société Générale says it lost 4.9 billion Euros ($7.17 billion) at the hands of 31-year-old trader Jérôme Kerviel. Now, the embattled French bank could face another financial hit — this time from the tax man.

As they pore over the trades, financial books and mobile-phone records of Mr. Kerviel, Société Générale officials have discovered that the trader booked a real gain for the bank of €1.4 billion by the end of last year…

That profit now “is subject to corporate tax,” according to one person close to the bank. “We will argue against it, but fiscal authorities will want their share,” this person said…

When it announced the world’s biggest trading loss on Jan. 24, Société Générale said that Mr. Kerviel for several months had engaged in risky and fraudulent trading that at one point had left the bank exposed by 50 billion Euros. The bank at that time said that Mr. Kerviel’s trading positions had fluctuated and that as of late last year, his portfolio showed a “virtual” gain of 1.4 billion Euros.

The bank said it hadn’t noticed the gain because the trader had hidden it by creating a set of fake positions that generated a 1.4 billion Euros loss.

Now, however, officials have discovered that as of the end of last year, Mr. Kerviel had unwound almost all of his trading positions — and in fact had locked in a real gain of 1.4 billion Euros for the bank…

Source: Wall Street Journal.