SocGen reels from record $7 bln rogue trader fraud
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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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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.
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PARIS, Jan. 29 -- The 31-year-old trader accused of causing $7.1 billion in losses at France's Societe Generale bank told police investigators that his financial deals were so big that his bosses had to know about them, according to transcripts published Tuesday on two French Web sites.
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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 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 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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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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US authorities are probing Societe Generale and events linked to the trading problems that cost the bank $7.19bn.
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The trader accused of making fraudulent transactions that cost Societe Generale &#8364;4.9 billion ($7.2 billion) hacked computers and used "several techniques of fraud," the French banking giant says.
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Investigators were expected to question the trader in connection with a $7.2 billion loss at SociÃ©tÃ© GÃ©nÃ©rale.
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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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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 said Sunday that a trader who evaded all its controls to bet $73.5 billion Â more than the French bank's market worth Â on European markets hacked computers and "combined several fraudulent methods" to cover his tracks, causing billions 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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The trader behind the near five billion euro (7.15 billion dollars) fraud at French bank giant Societe Generale is called Jerome Kerviel, a source at the bank said Thursday.
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Societe Generale detailed Sunday how a young trader evaded all its controls to bet some $73 billion -- more than the French bank's market worth -- saying he hacked computers and used other ''fraudulent methods'' to cover his tracks, causing billions of dollars in losses.
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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.