Societe Generale uncovers fraud
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French bank Societe Generale has uncovered a $7.14 billion fraud that, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital, the bank said.
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An internal investigation by Societe Generale  into a massive trading loss blamed on a single trader has found controls at the French bank lacked depth, a report published by the bank showed on Wednesday.
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Societe Generale  Chairman  Daniel Bouton told a newspaper the French bank would overcome  its "shock" at having discovered an alleged $7 billion euro  (10.3 billion pound) internal fraud.
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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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The French finance ministry has launched &quot;an investigative procedure&quot; to probe value-added-tax (VAT) fraud between European Union countries that could involve billions of euros annually.
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Police on Saturday questioned the young trader blamed for a massive fraud that cost France's Societe Generale bank more than $7 billion, as the country's president accused global financial institutions of having "gone haywire" and urged common sense.
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PARIS, Jan. 29 -- The 31-year-old trader accused of causing $7.1 billion in losses at France's Societe Generale bank told police investigators that his financial deals were so big that his bosses had to know about them, according to transcripts published Tuesday on two French Web sites.
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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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The man at the center of a trading  scandal at Societe Generale said that his activities could not  have gone undetected by the French bank.
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The Securities and Exchange Commission is examining stock sales by an American board member of Societe Generale, The Wall Street Journal reported Monday.
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â¢ 2008: French bank Societe Generale uncovers an alleged $7.14 billion fraud by a futures trader who fooled investors and overstepped his authority.
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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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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 faced tough questions on Friday over how it failed to spot the biggest dealing scandal in history in which a lone trader triggered a $7 billion loss under the noses of top executives.
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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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PARIS, Jan. 25 -- French political figures, shareholders and bank customers on Friday voiced growing criticism and skepticism of banking giant Societe Generale's explanations of one of the largest financial scams in history.
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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 by police at an appropriate moment, the Paris prosecutors' office said on Saturday.