French bank 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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French investigators have stepped up efforts to find out how a self-effacing dealer at Societe Generale ran up a $7 billion loss that hoodwinked his employers, saying he was not on the run and would soon face questioning.
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French trader accused of the biggest fraud in banking history facing another day of police questioning
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A rogue trader who cost France's Societe Generale bank more than $7 billion by making bad stock market bets had been gambling on a much larger scale, officials said Â tens of billions of dollars of the bank's money.
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French bank Societe Generale disclosed one of the biggest alleged frauds in financial history on Thursday, adding to a wave of gloom surrounding world markets battered by credit market losses.
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Embattled French bank Societe Generale faces fresh troubles Monday when a trial opens in Paris involving a vast money laundering scam between France and Israel.
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French bank Societe Generale faced tough  questions on Friday over how it failed to spot the biggest  rogue dealing fraud in history, in which a single young trader  triggered a $7 billion loss under the noses of top executives.
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Societe Generale unveils an employee's $7.2 billion fraud, and a $3 billion subprime write-down.
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The trader blamed for a $7 billion fraud at French bank Societe Generale is not on the run and will be questioned at an appropriate moment, the Paris prosecutors' office said on Saturday.
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French bank Societe Generale said Thursday that it has uncovered a $7.14 billion fraud which, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital.
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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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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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LONDON/PARIS  - Societe Generale's shock disclosure of a fraud that lost it $7 billion has left investors wondering about a link between the fiasco and Monday's European stock market rout.
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A failure of internal controls at Societe Generale was partly responsible for the multi-billion-dollar rogue trade scandal at the bank, French Finance Minister Christine Lagarde said Monday.
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Societe Generale said Thursday that a single trader was responsible for a massive 4.9 billion euro (7.15 billion dollar) fraud at the French banking giant.
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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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French bank Societe Generale said Thursday it has uncovered a 4.9 billion euro ($7.14 billion) fraud Â one of history's biggest Â by a single futures trader whose scheme of fictitious transactions was discovered as stock markets began to stumble in recent days.