SocGen humbled by rogue trader scandal
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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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French bank Societe Generale said Friday that the rogue trader who cost the bank $7.14 billion had been trading with a far bigger pool Â tens of billions of dollars.
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French bank Societe Generale has lost $10bn, the bulk of which was lost through fraud by a trader.
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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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It is easy to dismiss JÃ©rÃ´me Kerviel, the rogue trader at SociÃ©tÃ© GÃ©nÃ©rale, as a fluke. So here is a sobering thought for Wall Street: There may be a bit of Mr. Kerviel in all of us.
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French bank Societe Generale , at the centre of a huge trading scandal, began investigating trades executed by junior trader Jerome Kerviel months before his unauthorized activities were exposed in January, the Financial Times reported.
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A look at how Societe General's trading scandal unfolded:
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Pressure mounted on Societe Generale on Monday as a prosecutor said rogue trader Jerome Kerviel was questioned about his trades in November, and as investors sued the French bank for insider trading.
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In what appears to be the largest trading fraud ever carried out by a single person, a young trader at French bank Societe Generale is accused of making unauthorized bets on stock markets that cost the bank nearly $7.2 billion but may not have netted him a cent.
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France's Societe Generale says fraud was hidden using "sophisticated and varied techniques."
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Societe Generale detailed Sunday how a young trader evaded all its controls to bet some $73 billion Â more than the French bank's market worth Â saying he hacked computers and used other "fraudulent methods" to cover his tracks, causing billions of dollars in losses.
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Societe Generale laid out its defense  ahead of a high-profile money laundering trial due to begin in  Paris on Monday, which could put further pressure on the French  bank as it grapples with the effects of a trading scandal.
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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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SociÃ©tÃ© GÃ©nÃ©rale, the French bank that earned the respect of it rivals, is now embarrassed by a 31-year-old rogue trader.
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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 on Monday unveiled its bid to raise 5.5 billion euros to plug a hole left by a rogue trader scandal that dented confidence in the French bank and left it exposed to takeover bids.
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The man at the centre of the rogue trader scandal at Societe Generale says he will not be made a "scapegoat".