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 supervisors and run up a $7 billion loss.
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France stepped up efforts to restore confidence in the banking system as Societe Generale faced tough questions on Friday over why it failed to prevent the biggest financial dealing scandal in history.
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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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Exchange officials warned Societe Generale about Jerome Kerviel's deals late last year, a Paris prosecutor said on Monday, piling pressure on the French bank to explain how the junior trader almost brought it down.
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PARIS, Feb. 8 -- A French futures trader was jailed Friday while investigations continued into the billions of dollars in losses he is accused of causing at Societe Generale bank.
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French bank Societe Generale SA hopes to raise nearly $8 billion in a heavily discounted rights issue launched Monday, designed to fill a gap in funds blamed on a massive trading scandal.
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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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French investigators have questioned several executives at Societe Generale as part of a probe into the futures trader that the bank has blamed for billions of euros (dollars) in losses, a judicial official said Sunday.
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The man at the center of a trading scandal at Societe Generale said that his activities could not have gone undetected by the French bank.
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French investigators have stepped up efforts to find out how a self-effacing dealer at Societe Generale ran up a $7 billion loss that hoodwinked his employers, saying he was not on the run and would soon face questioning.
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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.
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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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French bank BNP Paribas revealed Thursday it had its eye on crisis-hit Societe Generale, while voices in the European Union were raised against France for vowing to ward off hostile bids.
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The board of French bank Soci&#201;t&#201; G&#201;n&#201;rale met Wednesday with its top executive under intense pressure over the loss of $7.09 billion blamed on a single trader
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A failure of internal controls at Societe Generale contributed to the bank's multi-billion-dollar rogue trade scandal, France's finance minister said Monday, calling for tougher penalties for breaches of regulations.
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Problems in the bond markets put pressure on financial firms' shares.