Pressure piles on SocGen over trading scandal
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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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The junior trader blamed for causing a $7 billion loss at French bank Societe Generale faced a second day of questioning by finance police on Sunday.
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French investigators have questioned several executives at Societe Generale as part of a probe into the futures trader that the bank has blamed for billions of euros (dollars) in losses, a judicial official said Sunday.
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Directors at scandal-hit Societe Generale begin talks to decide the fate of the bank's head, Daniel Bouton.
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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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PARIS, Feb. 8 -- A French futures trader was jailed Friday while investigations continued into the billions of dollars in losses he is accused of causing at Societe Generale bank.
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Employee shareholders at Societe Generale said Wednesday they had started legal action following a multi-billion-euro rogue trader scandal at the French bank.
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France stepped up efforts to restore confidence in the banking system as Societe Generale faced tough questions on Friday over why it failed to prevent the biggest financial dealing scandal in history.
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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 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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Scandal-hit French bank Societe Generale opened its own inquiry on Wednesday into how it suffered history's biggest rogue trader loss, but resisted heavy pressure to sack its chairman and CEO.
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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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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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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 biggest rogue trader scandal in history hit Societe Generale on Thursday as the French bank accused a junior employee of a fraud costing $7 billion.
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Speculation of a British bid for Societe Generale, in the face of French opposition to a foreign takeover, pushed shares in SocGen up sharply on Wednesday nearly two weeks after it was plunged into a rogue trading scandal.
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French police widened an investigation  into a trading scandal at Societe Generale  as a court  prepared to rule on Friday whether Jerome Kerviel, the trader  blamed for huge losses, should be held in custody.