SocGen reels from record $7 billion rogue trader fraud
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A "massive fraud" by a junior rogue trader has punched a $7 billion hole in the finances of French bank Societe Generale, leaving its credibility in tatters and forcing it to get emergency cash.
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SociÃ©tÃ© GÃ©nÃ©rale said a junior trader who racked up more than $7 billion in losses misused computer access codes and falsified documents.
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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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French bank Societe Generale said fraud by a single trader had caused it a 4.9 billion euro ($7.1 billion) loss and that it would seek emergency funds as a result, shocking battered markets.
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Developer turned gambler drops French bank in $7.2bn hole The apparent ease with which a former software developer turned rogue trader was able to sink France's second-biggest bank into a â¬4.9bn ($7.2bn) hole has sparked questions about the effectiveness of risk analysis systems.â¦
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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.
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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
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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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French bank Societe Generale defended its handling of the world's biggest trading scandal on Sunday, but admitted its risk systems had failed to detect a 50-billion-euro ($73.3 billion) market bet by a lone trader.
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Societe Generale unveils an employee's $7.2 billion fraud, and a $3 billion subprime write-down.
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The trader at the centre of a massive trading scandal reportedly says Societe Generale must have known of his risk taking.
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Could Societe Generale's $7.2 billion loss at the hands of a rogue employee have been prevented?
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PARIS, Jan. 24 -- A "30-something" futures trader who worked on his bank's security systems and then allegedly used his skills to bypass those safeguards was accused Thursday of perpetrating one of the largest banking frauds in history.
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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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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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Global stocks posted fresh gains on  Friday, shrugging off an astounding $7 billion fraud at French  bank Societe Generale, while commodities rallied as a U.S. tax  stimulus package helped ease recession fears.
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French bank Societe Generale said Friday that the rogue trader who cost the bank $7.14 billion had been trading with a far bigger pool Â tens of billions of dollars.