French bank SocGen says hit by 4.9 bln euro fraud
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Societe Generale has uncovered a fraud by one of its traders which will have a 4.9-billion-euro ($7.16 billion) negative impact on the group, France's second-largest listed bank said on Thursday.
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French bank Societe Generale   disclosed one of the biggest alleged frauds in financaal  history on Thursday, adding to a wave of gloom surrounding  world markets battered by credit market losses.
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The rogue futures trader who cost French bank Societe Generale $7.14 billion had been betting on a much larger scale  -  with tens of billions in fraudulent deals, the bank said Friday
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Societe Generale, the French bank reeling  from a rogue trading scandal, launched a rights issue at a  steep discount on Monday, aiming to raise 5.5 billion euros  ($7.97 billion) to bolster its balance sheet.
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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, 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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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 says family problems and mental fragility led its rogue trader to squander â¬4.9bn
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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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A "massive fraud" by a junior rogue trader has punched a $7 billion hole in the finances of French bank Societe Generale, leaving its credibility in tatters and forcing it to get emergency cash.
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A look at how Societe General's trading scandal unfolded:
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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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Societe Generale faces growing embarrassment after it emerged the French bank was warned last year about the suspect activities of Jerome Kerviel and its key fraud accusation against the 31-year-old trader collapsed.
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Police raided Friday the Paris headquarters of Societe Generale, which is accusing a rogue trader of losing more than 7.0 billion dollars (4.9 billion euros), the French banking giant said.
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French Finance Minister Christine Lagarde said Societe Generale followed market rules when it unwound unauthorized transactions by a rogue trader in a move that cost the bank billions, but urged tighter controls on banks in France.
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French police on Friday questioned a share broker over links to rogue trader Jerome Kerviel, whose 4.8 billion euro (7.1 billion dollar) losses nearly brought Societe Generale bank to its knees, justice officials said.
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Investigators were expected to question the trader in connection with a massive fraud at SociÃ©tÃ© GÃ©nÃ©rale.