Societe Generale apologizes over fraud
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The rogue futures trader who allegedly cost French bank Societe Generale $7.14 billion had been betting on an even larger scale Â with tens of billions in fraudulent deals, the bank said Friday.
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French bank Societe Generale faced tough questions on Friday over how it failed to spot the biggest dealing scandal in history in which a lone trader triggered a $7 billion loss under the noses of top executives.
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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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Business & money: Jerome Kerviel speaks about the row over SociÃ©tÃ© GÃ©nÃ©rale's multibillion euro losses
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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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Societe Generale chairman Daniel Bouton defended the bank's management in an interview published Saturday, saying the rogue trader scandal was not the fault of strategic errors.
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The French bank said that the fraud had been committed by a trader in charge of hedging on European index futures.
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The French bank SociÃ©tÃ© GÃ©nÃ©rale said that it had uncovered âan exceptional fraudâ by a trader that would cost it about $7.1 billion.
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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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InfoWorld - The huge losses reported by French bank Soci??t?? G??n??rale, apparently caused by a rogue trader with inside knowledge of the bank's procedures, don't necessarily point to an IT systems failure but rather to poor management of those systems, analysts say.
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French bank Societe Generale has uncovered a $7.14 billion fraud that, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital, the bank said.
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Police on Saturday questioned the young trader blamed for a massive fraud that cost France's Societe Generale bank more than $7 billion, as the country's president accused global financial institutions of having "gone haywire" and urged common sense.
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Societe Generale said Sunday that a rogue trader suspected of incurring massive losses at the French bank held positions worth about 50 billion euros (73 billion dollars) when he was uncovered.
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Societe Generale files a legal complaint against the trader accused of fraud which led to huge losses at the bank.
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Societe Generale  Chairman  Daniel Bouton told a newspaper the French bank would overcome  its "shock" at having discovered an alleged $7 billion euro  (10.3 billion pound) internal fraud.
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A French lawyer acting for 100 small  shareholders said on Monday he had sued French Societe Generale   over the way it unbundled billions of dollars in  allegedly fraudulent share deals earlier this week.
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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.