SocGen backs chairman after rogue trading scandal
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Societe Generale CEO Daniel Bouton won fresh support from the board on Wednesday, as the bank set up a special committee under a former car executive to probe the world's biggest rogue trading scandal.
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Societe Generale was warned about alleged rogue trader Jerome Kerviel last year, a prosecutor says.
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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 supervisors and run up a $7 billion loss.
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A second trader suspected of involvement in the multi-billion-euro losses at Societe Generale was released Saturday after appearing before French judges probing the affair.
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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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PARIS -- Some internal controls at Societe Generale failed or were not heeded before the banking giant suffered billions in losses precipitated by a rogue trader, French Finance Minister Christine Lagarde said Monday.
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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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Internal controls at Societe Generale "did not work," French Finance Minister Christine Lagarde said Monday as she delivered a report on the multi-billion dollar rogue trade scandal at the bank.
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European Union finance ministers  backed former French Socialist finance minister Dominique  Strauss-Khan on Tuesday as their candidate to run the  International Monetary Fund.
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A junior computer whiz at French bank Societe Generale was accused of racking up a $7 billion loss in bad bets on stocks in the biggest trading scandal in banking history.
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The trader at the centre of a massive trading scandal reportedly says Societe Generale must have known of his risk taking.
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French banking giant Societe Generale said Thursday a single trader who fooled his bosses carried out a massive 4.9 billion euro (7.15 billion dollar) fraud -- one of the biggest in financial history.
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France's economy minister said Societe Generale, reeling from losses blamed on a rogue trader, is a bank in crisis and may need to ditch its chairman.
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French rogue trader Jerome Kerviel, whose unauthorised deals at Societe Generale cost the bank billions of euros, was taken into custody Friday after a court hearing in Paris, his lawyer said.
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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 has lost $10bn, the bulk of which was lost through fraud by a trader.
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A look at how Societe General's trading scandal unfolded: