SocGen says hit by $7.1 billion fraud
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French bank Societe Generale said fraud by a single trader had caused it a 4.9 billion euro ($7.1 billion) loss and that it would seek emergency funds as a result, shocking battered markets.
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France's financial market regulator said Tuesday that it has opened an investigation into French bank Societe Generale, which announced last week that the actions of a rogue trader caused it nearly euro5 billion (US$7 billion) in losses.
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French Economy Minister Christine Lagarde said on Monday that Societe Generale, hit by $7 billion in losses from rogue trades, was not under any pressure to merge with another bank.
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PARIS, Jan. 27 -- French bank Societe Generale said Sunday that the junior trader accused of perpetrating one of the largest banking scandals in history stole computer access codes and created fraudulent e-mails to bet more than the bank's entire market worth on risky investments.
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A young trader blamed for losses that cost France's Societe Generale more than $7 billion hacked computers and used "several techniques of fraud," the bank said Sunday, as judicial officials said the man would remain in custody a further 24 hours.
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Societe Generale came under mounting pressure on Friday to give a full account of how a rogue trader managed to dupe his supervisors and run up a $7 billion loss.
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French police searched the apartment of the Societe Generale dealer blamed for running up a $7 billion loss on Friday, but his family said he was a scapegoat for the world's worst rogue trading scandal.
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France's Societe Generale says fraud was hidden using "sophisticated and varied techniques."
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French bank Societe Generale described Sunday how one of its traders allegedly carried out a $7.2 billion (&#8364;4.9 billion) fraud, how the loss came to light and what it is doing to ensure such a case does not recur.
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The SociÃ©tÃ© GÃ©nÃ©rale worker who cost the French bank $7 billion in bad trades told investigators that all he wanted was to be respected, and to earn a big bonus.
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US authorities are probing Societe Generale and events linked to the trading problems that cost the bank $7.19bn.
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The rogue futures trader who allegedly cost French bank Societe Generale $7.14 billion had been betting on an even larger scale Â with tens of billions in fraudulent deals, the bank said Friday.
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The French bank said that the fraud had been committed by a trader in charge of hedging on European index futures.
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Could Societe Generale's $7.2 billion loss at the hands of a rogue employee have been prevented?
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Societe Generale came under mounting pressure on Friday to give a full account of how a rogue trader managed to dupe his bosses and run up a $7 billion loss -- while his family said he had been made a scapegoat.
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SociÃ©tÃ© GÃ©nÃ©rale said that the fraud had been committed by a trader in charge of hedging on European index futures.
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PARIS, Feb. 4 -- French Finance Minister Christine Lagarde gave Societe Generale a mild rebuke Monday in a report that largely backs up the bank's account of how it lost $7.1 billion last month in the largest trading scandal in banking history.