SocGen under pressure as trader released
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Exchange officials warned Societe Generale about rogue trader Jerome Kerviel's deals late last year, a Paris prosecutor said, piling pressure on the French bank to explain why his trades were not discovered sooner.
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French police had a second trader in custody Friday in their probe of trades that led to massive losses at bank Societe Generale, the newspaper Le Monde reported.
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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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"There's still a feeling of total incomprehension"  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. via Earth Times
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Property stocks came under pressure on Friday after a leading broker warned clients that now was not the time to venture back into the sector.
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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 look at how Societe General's trading scandal unfolded:
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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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A French court on Friday ordered the detention of rogue trader Jerome Kerviel as the investigation into multi-billion dollar trading losses at Societe Generale bank widened with a second suspect held for questioning.
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Societe Generale , the French bank hit by a trading scandal, faced further pressure on Monday with a government report set to criticize its risk control and as an unrelated money-laundering trial starts.
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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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French police on Saturday detained accused rogue trader Jerome Kerviel and investigators said the junior dealer wanted to explain his role in the seven billion dollar loss at Societe Generale.
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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 to bolster its balance sheet.
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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 , 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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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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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.