SocGen was warned about rogue trader last year
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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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â¢ 2008: French bank Societe Generale uncovers an alleged $7.14 billion fraud by a futures trader who fooled investors and overstepped his authority.
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Business & money: Bank admits it was warned on more than one occasion amid fierce criticism from shareholders
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French bank BNP Paribas revealed on Thursday it was stalking crisis-hit Societe Generale, while voices in the European Union were raised against France for warning it would ward off hostile bids.
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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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Societe Generale is in crisis, France's economy minister said on Tuesday of the bank hit by losses piled up by a rogue trader, questions over its leadership, takeover speculation and a falling stock price.
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Exchange officials questioned deals by Societe Generale trader Jerome Kerviel in November 2007, the Paris prosecutor said on Monday, adding to pressure on the French bank to explain how the trader almost brought it down.
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France warned foreign 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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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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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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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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French bank says family problems and mental fragility led its rogue trader to squander â¬4.9bn
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PARIS, Jan. 27 -- French bank Societe Generale said Sunday that the junior trader accused of perpetrating one of the largest banking scandals in history stole computer access codes and created fraudulent e-mails to bet more than the bank's entire market worth on risky investments.
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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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French bank Societe Generale has lost $10bn, the bulk of which was lost through fraud by a trader.
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SociÃ©tÃ© GÃ©nÃ©rale, the French bank that earned the respect of it rivals, is now embarrassed by a rogue trader.
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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.