Pressure mounts on Societe Generale ahead of board meet
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Societe Generale chairman Daniel Bouton faced increasing pressure from French officials to answer for the rogue trader disaster rocking the bank ahead a meeting Wednesday of its board of directors.
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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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The FTSE 100 came under further pressure on Wednesday as US futures suggested another turbulent session on Wall Street.
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French bank BNP Paribas revealed Thursday it had its eye on crisis-hit Societe Generale, while voices in the European Union were raised against France for vowing to ward off hostile bids.
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Ireland and France are both under huge pressure going into Friday's vital World Cup clash in Paris.
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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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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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Cazenove, the Queen&#39;s broker, will tomorrow be under pressure to divulge the state of merger talks at its annual shareholder meeting, with US giants circling the firm.
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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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Lazard was readying itself for a tense board meeting to decide the future of the company yesterday as in-fighting put a planned flotation at risk.
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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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"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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Jerome Kerviel, the trader blamed by Societe Generale for heavy losses, had a trading deficit of 2.2 billion euros ($3.2 billion) as early as June last year, an adviser to his lawyer told Paris Match.
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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 the trades were not discovered earlier.
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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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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.
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A fresh row is threatening to mar the first day in office of the new European Commission on Monday. France&#39;s commissioner Jacques Barrot is under fire for failing to disclose a previous conviction for embezzlement.