SocGen reels from record $7 billion rogue trader fraud
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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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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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French bank BNP Paribas, seen as a potential bidder for crisis-hit Societe Generale, reported on Wednesday a record estimated net profit of 7.8 billion euros (11.5 billion dollars) for 2007.
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Global stocks posted fresh gains on Friday, shrugging off an astounding $7 billion fraud at French bank Societe Generale, while commodities rallied as a U.S. tax stimulus package helped ease recession fears.
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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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Financial police in Paris were to question a trader who cost Franceâs SociÃ©tÃ© GÃ©nÃ©rale more than $7 billion, judicial officials said.
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PARIS, Feb. 4 -- French Finance Minister Christine Lagarde gave Societe Generale a mild rebuke Monday in a report that largely backs up the bank's account of how it lost $7.1 billion last month in the largest trading scandal in banking history.
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Will the SEC get in on the act? SociÃ©tÃ© GÃ©nÃ©rale may face a US inquiry on its handling of the rogue trader scandal that cost the company â¬4.9bn ($7.2bn).â¦
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French bank Societe Generale said Thursday it has uncovered a 4.9 billion euro ($7.14 billion) fraud Â one of history's biggest Â by a single futures trader whose scheme of fictitious transactions was discovered as stock markets began to stumble in recent days.
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SociÃ©tÃ© GÃ©nÃ©rale said that a trader had misappropriated computer access codes, falsified documents and employed other methods to cover his tracks.
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The French government demanded a full accounting Friday of how a rogue trader at Societe Generale managed to lose 7.0 billion dollars, as it emerged he gambled on over 73 billion dollars -- more than the bank's current value.
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French bank Societe Generale said Friday that the rogue trader who cost the bank $7.14 billion had been trading with a far bigger pool Â tens of billions of dollars.
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Societe Generale detailed Sunday how a young trader evaded all its controls to bet some $73 billion -- more than the French bank's market worth -- saying he hacked computers and used other ''fraudulent methods'' to cover his tracks, causing billions of dollars in losses.
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French Economy Minister Christine Lagarde said on Monday that Societe Generale, hit by $7 billion in losses from rogue trades, was under no pressure to merge with another bank as its shares plunged.
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A look at how Societe General's trading scandal unfolded:
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The SociÃ©tÃ© GÃ©nÃ©rale worker who cost the French bank $7 billion in bad trades told investigators that all he wanted was to be respected, and to earn a big bonus.