Pressure piles on SocGen over trading scandal
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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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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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The French government demanded a full accounting Friday of how a rogue trader at Societe Generale managed to lose 7.0 billion dollars, as it emerged he gambled on over 73 billion dollars -- more than the bank's current value.
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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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Speculation of a British bid for Societe Generale, in the face of French opposition to a foreign takeover, pushed shares in SocGen up sharply on Wednesday nearly two weeks after it was plunged into a rogue trading scandal.
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Societe Generale was warned about alleged rogue trader Jerome Kerviel last year, a prosecutor says.
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LONDON/PARIS  - Societe Generale's shock disclosure of a fraud that lost it $7 billion has left investors wondering about a link between the fiasco and Monday's European stock market rout.
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"There's still a feeling of total incomprehension"  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. via Earth Times
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French bank Societe Generale disclosed one of the biggest alleged frauds in financial history on Thursday, adding to a wave of gloom surrounding world markets battered by credit market losses.
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French police widened an investigation  into a trading scandal at Societe Generale  as a court  prepared to rule on Friday whether Jerome Kerviel, the trader  blamed for huge losses, should be held in custody.
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Directors at scandal-hit Societe Generale begin talks to decide the fate of the bank's head, Daniel Bouton.
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Societe Generale on Monday unveiled its bid to raise 5.5 billion euros to plug a hole left by a rogue trader scandal that dented confidence in the French bank and left it exposed to takeover bids.
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The junior trader blamed for causing a $7 billion loss at French bank Societe Generale faced a second day of questioning by finance police on Sunday.
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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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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 (SocGen) , hit by massive losses it blamed on rogue trades, braced for fresh criticism on Tuesday after a government report highlighted major failings in its risk controls.
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French police had a second trader in custody Friday in their probe of trades that led to massive losses at bank Societe Generale, respected daily Le Monde reported.