French bank SocGen says hit by $7.1 billion 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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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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Feds allege 1.7 million stolen credit card numbers were involved in global scam.
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The rogue futures trader who cost French bank Societe Generale $7.14 billion had been betting on a much larger scale  -  with tens of billions in fraudulent deals, the bank said Friday
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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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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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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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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 police questioned a junior trader on Saturday blamed for causing a $7 billion loss at bank Societe Generale after keeping his superiors in the dark for months about thousands of illicit deals.
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The biggest rogue trader scandal in history hit Societe Generale on Thursday as the French bank accused a junior employee of a fraud costing $7 billion.
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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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"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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France's financial market regulator said Tuesday that it has opened an investigation into French bank Societe Generale, which announced last week that the actions of a rogue trader caused it nearly euro5 billion (US$7 billion) in losses.
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French Economy Minister Christine Lagarde said on Monday that Societe Generale, hit by $7 billion in losses from rogue trades, was under no pressure to merge with another bank as its shares plunged.
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Societe Generale faces growing embarrassment after it emerged the French bank was warned last year about the suspect activities of Jerome Kerviel and its key fraud accusation against the 31-year-old trader collapsed.
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The trader blamed for a $7 billion fraud at French bank Societe Generale is not on the run and will be questioned by police at an appropriate moment, the Paris prosecutors' office said on Saturday.
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Global share prices rocketed Thursday, though fears of an economic slowdown lingered and markets were nervous as Societe Generale revealed a massive 7.15-billion-dollar fraud-related loss.