France tries to calm jitters on SocGen scandal
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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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The French government is calling for tighter risk-control measures and a broad review of bank rules in response to losses from the trading scandal at SociÃ©tÃ© GÃ©nÃ©rale.
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France's Societe Generale says fraud was hidden using "sophisticated and varied techniques."
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A senior adviser to French President  Nicolas Sarkozy said France remained opposed to any hostile bid  for Societe Generale , the French bank hit by a  trading scandal.
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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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Societe Generale , the French bank hit by a trading scandal, faced further pressure on Monday with a government report set to criticize its risk control and as an unrelated money-laundering trial starts.
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PARIS -- Some internal controls at Societe Generale failed or were not heeded before the banking giant suffered billions in losses precipitated by a rogue trader, French Finance Minister Christine Lagarde said Monday.
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French bank Societe Generale faced tough questions on Friday over how it failed to spot the biggest rogue dealing fraud in history, in which a single young trader triggered a $7 billion loss under the noses of top executives.
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PARIS/LONDON  - France warned foreign banks on Tuesday not to try to grab control of Societe Generale, as speculation of a takeover approach by rival BNP Paribas drove its shares more than 10 percent higher.
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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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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, the French bank reeling  from a rogue trading scandal, launched a rights issue at a  steep discount on Monday, aiming to raise 5.5 billion euros  ($7.97 billion) to bolster its balance sheet.
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Takeover talk swirled around Societe Generale bank on Friday, driving up its shares, with analysts expecting an all-French outcome to the rogue trader debacle.
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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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Europe is rapidly becoming a dirty word in French politics as fears grow that France&#39;s influence in the European Union is waning.
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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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A deeply discounted $8 billion rights  issue from Societe Generale, seen in part as a bid by the  scandal-hit French bank to remain independent, has not  convinced analysts that it will deter predators.