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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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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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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French bank Societe Generale   disclosed one of the biggest alleged frauds in financaal  history on Thursday, adding to a wave of gloom surrounding  world markets battered by credit market losses.
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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 at an appropriate moment, the Paris prosecutors' office said on Saturday.
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French bank Societe Generale said Thursday that it has uncovered a $7.14 billion fraud which, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital.
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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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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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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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French police on Friday questioned a share broker over links to rogue trader Jerome Kerviel, whose 4.8 billion euro (7.1 billion dollar) losses nearly brought Societe Generale bank to its knees, justice officials said.
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Feds allege 1.7 million stolen credit card numbers were involved in global scam.
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A rogue trader who cost France's Societe Generale bank more than $7 billion by making bad stock market bets had been gambling on a much larger scale, officials said Â tens of billions of dollars of the bank's money.
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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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French Finance Minister Christine Lagarde said Societe Generale followed market rules when it unwound unauthorized transactions by a rogue trader in a move that cost the bank billions, but urged tighter controls on banks in France.
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The SociÃ©tÃ© GÃ©nÃ©rale worker who cost the French bank $7 billion in bad trades told investigators that all he wanted was to be respected, and to earn a big bonus.
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Police have taken into custody the trader blamed for a $7 billion fraud at French bank Societe Generale, a judicial source said on Saturday.
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French bank Societe Generale described Sunday how one of its traders allegedly carried out a $7.2 billion (&#8364;4.9 billion) fraud, how the loss came to light and what it is doing to ensure such a case does not recur.