SocGen backs chairman after rogue trading scandal
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Societe Generale CEO Daniel Bouton won fresh support from the board on Wednesday, as the bank set up a special committee under a former car executive to probe the world's biggest rogue trading scandal.
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The supervisory board of Societe Generale has voted unanimously to keep Chairman and Chief executive Daniel Bouton at the head of the French bank, a spokeswoman said on Wednesday.
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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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Societe Generale , the French bank reeling from a trading scandal, launched a rights issue at a steep discount on Monday to bolster its balance sheet after losses due to the U.S. subprime crisis.
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Internal controls at Societe Generale "did not work," French Finance Minister Christine Lagarde said Monday as she delivered a report on the multi-billion dollar rogue trade scandal at the bank.
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Societe Generale chairman Daniel Bouton defended the bank's management in an interview published Saturday, saying the rogue trader scandal was not the fault of strategic errors.
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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 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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French bank Societe Generale , at the centre of a huge trading scandal, began investigating trades executed by junior trader Jerome Kerviel months before his unauthorized activities were exposed in January, the Financial Times reported.
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French rogue trader Jerome Kerviel, whose unauthorised deals at Societe Generale cost the bank billions of euros, was taken into custody Friday after a court hearing in Paris, his lawyer said.
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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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A junior computer whiz at French bank Societe Generale was accused of racking up a $7 billion loss in bad bets on stocks in the biggest trading scandal in banking history.
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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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Societe Generale, the French bank reeling  from a rogue trading scandal, launched a rights issue at a  steep discount on Monday, aiming to raise 5.5 billion euros  ($7.97 billion) to bolster its balance sheet.
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The French government piled pressure on Societe Generale's chairman Tuesday over multi-billion dollar losses at the bank for which rogue trader Jerome Kerviel was charged.
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France's economy minister said Societe Generale, reeling from losses blamed on a rogue trader, is in crisis and may need to ditch its chairman.
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The board of Societe Generale pored over the fate of its chairman on Wednesday, torn between political pressure to dump him over a trading scandal and the need to close ranks against potential predator BNP Paribas.