SocGen under pressure as rogue 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 bank Societe Generale defended its handling of the world's biggest trading scandal on Sunday, but admitted its risk systems had failed to detect a 50-billion-euro ($73.3 billion) market bet by a lone trader.
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Societe Generale , the French bank reeling from a trading scandal, launched a rights issue at a steep discount on Monday to bolster its balance sheet after losses due to the U.S. subprime crisis.
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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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Societe Generale said Thursday that a single trader was responsible for a massive 4.9 billion euro (7.15 billion dollar) fraud at the French banking giant.
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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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Societe Generale detailed Sunday how a young trader evaded all its controls to bet some $73 billion Â more than the French bank's market worth Â saying he hacked computers and used other "fraudulent methods" to cover his tracks, causing billions of dollars in losses.
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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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France warned rival banks on Tuesday not to try to grab control of Societe Generale as it reels from losses blamed on a rogue trader, but shares in the bank spiked higher on takeover speculation.
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The trader accused of costing French bank Societe Generale $7.2 billion (3.7 billion pound) may yet carve out a new career for himself, judging by Thursday's bidding war for interviews with Nick Leeson, who brought down Barings.
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A failure of internal controls at Societe Generale contributed to the bank's multi-billion-dollar rogue trade scandal, France's finance minister said Monday, calling for tougher penalties for breaches of regulations.
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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, respected daily Le Monde reported.
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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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France's economy minister said Societe Generale, reeling from losses blamed on a rogue trader, is in crisis and may need to ditch its chairman.
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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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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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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.