Kerviel says SocGen must have known of his trades
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The man at the center of a trading scandal at Societe Generale said that his activities could not have gone undetected by the French bank.
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French trader Jerome Kerviel said on Tuesday he refuses to be a "scapegoat" for multi-billion euro rogue trade losses at Societe Generale bank, in an exclusive interview with AFP.
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The man at the center of a trading  scandal at Societe Generale said that his activities could not  have gone undetected by the French bank.
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The trader behind the near five billion euro (7.15 billion dollars) fraud at French bank giant Societe Generale is called Jerome Kerviel, a source at the bank said Thursday.
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France has always had a soft spot for the lawbreaker. Now JÃ©rÃ´me Kerviel, the trader who cost SociÃ©tÃ© GÃ©nÃ©rale more than $7 billion, has attracted a fan club of his own.
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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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Trader blamed for â¬4.9bn loss at SociÃ©tÃ© GÃ©nÃ©rale being questioned, reports say
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Federal prosecutors are looking for U.S. ties to French bank Societe Generale's  trading scandal, for example transactions that went through a U.S. broker, The Wall Street Journal reported on Wednesday.
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French bank Societe Generale has admitted that a gap in control systems allowed a junior trader to take a $73 billion losing bet on European share prices, but defended its handling of the world's biggest trading scandal.
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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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SociÃ©tÃ© GÃ©nÃ©rale encouraged a culture of risk,  enabling  rogue trader JÃ©rÃ´me Kervielâs activities to go undetected, according to bank officials.
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The French government piled pressure on Societe Generale's chairman Tuesday over multi-billion dollar losses at the bank for which rogue trader Jerome Kerviel was charged.
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A failure of internal controls at Societe Generale was partly responsible for the multi-billion-dollar rogue trade scandal at the bank, French Finance Minister Christine Lagarde said Monday.
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Exchange officials warned Societe Generale about Jerome Kerviel's deals late last year, a Paris prosecutor said, piling pressure on the French bank to explain how his rogue trades were not uncovered earlier.
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The announcement cast further doubt on SociÃ©tÃ© GÃ©nÃ©raleâs assertion that the rogue trader, JÃ©rÃ´me Kerviel, acted alone.
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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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SociÃ©tÃ© GÃ©nÃ©rale said that a trader stole computer codes, falsified documents and employed other methods to cover his tracks.